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Commerce Bank of Arizona Purchases Mesa-based Towne Bank of Arizona
Commerce Bank of Arizona announced today that it entered into a Purchase and Assumption Agreement with the Federal Deposit Insurance Corporation (FDIC) to purchase substantially all deposits and assets of based Towne Bank of Arizona.
Towne Bank’s sole branch on 3156 E. Baseline Road in Mesa is slated to re-open on Monday, May 10 as a Commerce Bank of Arizona branch office. Towne Bank staff and customers will automatically become part of Commerce Bank of Arizona.
“Commerce Bank of Arizona is pleased to serve Towne Bank of Arizona’s customers,” said Randy Yenerich, president and chief executive officer of Commerce Bank of Arizona. “We also are excited to be entering the Phoenix-area marketplace, which has been a goal of our organization for several years.”
Commerce Bank of Arizona was founded in 2002 by a group of local investors and has five branch offices in Tucson, Green Valley and Tubac. As of Dec. 31, 2009, the bank had $212,126,928 in assets.
In 2009, Commerce Bank of Arizona locally owned and managed bank was named one of Arizona’s top 10 best performing community banks by the FDIC, based on measurement of its total equity, loan portfolios, assets, reserves and net income. In addition, the locally owned and managed bank has been consistently recognized by independent bank rating firm Bauer Financial with Four and Five-Star Superior ratings for financial strength and stability. For more information, visit http://www.bauerfinancial.com.
Yenerich said the bank’s new Mesa location will offer a complete line of business and consumer banking services, including a variety of commercial and real estate loan and deposit products.
“Our new Mesa branch will experience all aspects of our classic, relationship-
ABOUT COMMERCE BANK OF ARIZONA
Commerce Bank of Arizona is an Arizona-based community bank specializing in providing customized financial services to small business owners, professionals, nonprofit organizations and individuals. The Bank is results-driven and focused on helping customers reach their personal and professional financial goals. For more information, call (520) 325-5200 or visit http://www.commercebankaz.com.