PHOENIX (CBS5) -
Phoenix-based Sonoran Bank announced a planned merger with Kansas State Bank of Manhattan on Monday.
The Phoenix based bank said the merger will allow it to better serve the growing needs of local Arizona businesses.
Sonoran Bank CEO Jim Vigars said the merger will provide the bank with additional capital that will allow it to meet the credit needs of Maricopa County.
Vigars said that all regulatory and shareholder approvals have been received. The sale and merger is expected to be completed Aug. 31.
Small banks throughout Arizona were hit hard by the recession and real estate downturn and the merger will present new growth opportunities at a time when capital remains difficult to attract, according to the Vigars.
Sonoran Bank has been serving the Hispanic business community since 2006. It provides banking options for consumers, for-profit and non-profit businesses in the Phoenix Metro Area.
Copyright 2012 CBS 5 (Meredith Corporation). All rights reserved.
