We’re excited for the future. We’ve been working hard to improve the bank and our ability to exceed the expectations of the individuals and businesses we serve.
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Orem, Utah (Vocus) March 5, 2010
In a move that offers good news during a season of economic turbulence, Randy Hoyt, president and CEO of Orem, Utah-based Community Bancorporation and its wholly-owned subsidiary Western Community Bank, today announced that Community Bancorp has signed a stock purchase agreement with a group of prominent local investors. The agreement will result in additional strength, technology enhancements, and market expansion for the bank that has served as a leader and mainstay of the Utah County banking industry for the past 18-plus years.
“We’re excited for the future. We’ve been working hard to improve the bank and our ability to exceed the expectations of the individuals and businesses we serve,” says Hoyt. “We look forward to introducing new technologies, improving tools to deliver even better customer service, and focusing on our mission to enhance the lives of the people we are so fortunate to serve.”
Tod Monsen, representative for the investors, says, “The families and communities of Utah County are the ones who really benefit from this transaction. We plan to expand the bank’s services and open additional offices so we can deliver our unique brand of personal and caring service to more of our neighbors.” Monsen adds, “Banking is changing, and we want to be sure that these changes include improved service to families, businesses, and communities. We’re eager to open a new chapter of success for many people in an uncertain time.”
Hoyt notes, “Western’s customers can be assured of exceptional service as we progress. We look forward to growing and providing quality financial services for generations to come.”
The agreement requires final regulatory approval and is currently under review by State and Federal agencies. Please contact Randy Hoyt or Tod Monsen or visit http://www.westerncommunitybank.com for additional information about Western Community Bank or to obtain a copy of this release.
About Western Community Bank:
Western Community Bank was chartered in 1991 by a small group of local investors, all of whom reside in Utah County. The bank opened its doors at a time when large regional banks were aggressively acquiring community-based financial institutions. This provided an opportunity for Western Community Bank to enter the marketplace driven by a business philosophy of "relationship banking". The bank currently has three full-service offices to serve the people, communities, and businesses of Utah County. The bank’s website at http://www.westerncommunitybank.com enables customers to be served around the world.
Randy J. Hoyt, President and CEO
Western Community Bank
R. Tod Monsen