OVERLAND PARK, Kan.--(BUSINESS WIRE)--Blue Valley Ban Corp. (OTCQX: BVBC) (the “Company”), the holding company for Bank of Blue Valley, today announced an agreement (the “Agreement”) for Bank of Blue Valley to purchase The Federal Savings Bank’s Overland Park, Kansas branch (the “Branch”) located at 7900 College Boulevard.
Bank of Blue Valley will acquire approximately $37 million of deposits pursuant to the Agreement and these deposits will be consolidated into its branch located at 11935 Riley, Overland Park, Kansas, approximately 1 mile away from the Branch.
“We are excited about this deposit acquisition,” said Bob Regnier, President and CEO. “It represents approximately $37 million of new deposits, but more importantly, nearly 1,000 new Bank of Blue Valley customers. The additional deposits will augment funding for increasing loan demand as our local economy continues to expand.”
About Blue Valley Ban Corp.
Blue Valley Ban Corp. is a bank holding company that, through its subsidiaries, provides banking services to closely-held businesses, their owners, professionals and individuals in Johnson County, Kansas. In addition, the Company originates residential mortgages locally and nationwide through its InternetMortgage.com and bankbv.com websites.
This release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and is including this statement for purposes of those safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies and expectations of the Company, can generally be identified by use of the words "anticipate," "believe," "can," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," or the negative of these terms or other comparable terminology. The Company is unable to predict the actual results of its future plans or strategies with certainty. Factors which could have a material adverse effect on the operations and future prospects of the Company include, but are not limited to, fluctuations in market rates of interest and loan and deposit pricing; inability to maintain or increase deposit base and secure adequate funding; a continued deterioration of general economic conditions or the demand for housing in the Company's market areas; a deterioration in the demand for mortgage financing; legislative or regulatory changes; regulatory action; continued adverse developments in the Company's loan or investment portfolio; any inability to obtain funding on favorable terms; the Company’s non-payment on Fixed Rate Cumulative Preferred Stock or Trust Preferred Securities; the loss of key personnel; significant increases in competition; potential unfavorable actions from rating agencies; potential unfavorable results of litigation to which the Company may become a party, and the possible dilutive effect of potential acquisitions or expansions. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. We operate in a very competitive and rapidly changing environment. New risks emerge from time to time, and it is not possible for us to predict all risk factors. Nor can we address the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
