ALBUQUERQUE, N.M.--(BUSINESS WIRE)--Grants State Bank today confirmed its agreement with Talmer West Bank to purchase and assume certain assets and liabilities associated with Talmer’s Albuquerque, N.M. branch, Sunrise Bank of Albuquerque. The branch will remain in operation at its current location at 219 Central Ave. NW, and will maintain the Sunrise Bank of Albuquerque name as a division of Grants State Bank. Grants State Bank expects to complete the transaction in the third quarter of 2014. The transaction is subject to customary conditions including regulatory approval.
“We look forward to serving our customers with the same friendly bankers who they are used to seeing at Sunrise Bank of Albuquerque,” said Steve Marcum, who will serve as President of Sunrise Bank of Albuquerque once the transaction is complete making it a division of Grants State Bank.
Mr. Marcum previously was President of the Sunrise Bank of Albuquerque, the predecessor of Talmer West Bank’s Albuquerque branch, from 2005 until he joined Grants State Bank last fall to lead its presence in the Albuquerque market.
At December 31, 2013, Sunrise Bank of Albuquerque had $41 million in total assets. After completion of the transaction, Grants State Bank will have approximately $160 million in assets and over $15 million of equity capital.
Grants State Bank was established in 1947. With this acquisition, it will operate five branches in Bernalillo, Cibola and McKinley Counties. It is part of an affiliated group of banks with about $750 million in assets operating in New Mexico and Colorado.