BUFFALO, Wyo. and TORRINGTON, Wyo., May 19, 2014 (GLOBE NEWSWIRE) -- Platte Valley Bank, a wholly-owned subsidiary of Platte Valley Service Companies, Inc. and Buffalo Federal Savings Bank, a wholly-owned subsidiary of Crazy Woman Creek Bancorp Incorporated, (OTCQB:CRZY), jointly announced today that they have entered into a purchase and assumption agreement for Platte Valley Bank to acquire substantially all of the deposits, loans and the full service branch facility of Buffalo Federal Savings Bank's branch in Evansville, Wyoming.
"We are very pleased to add this east Casper location to our Platte Valley Bank operations and are excited to continue to deliver the outstanding service that the customers of Bank of Casper have received from their bank. This addition is the perfect complement to our current southwest Casper location and will allow us to better serve Casper's banking needs with two locations," stated Joseph P. Guth, Corporate President of Platte Valley Bank - Wyoming.
"We are very pleased with the financial results of the transaction, due largely to the performance of our Casper location with good asset quality, deposit mix and strong relationships with our customers in the market area," stated Paul M. Brunkhorst, President and Chief Executive Officer of Buffalo Federal Savings Bank. "This transaction will allow our bank to redirect our focus to further developing our core markets of Buffalo, Sheridan, Gillette and mortgage production offices located in Cheyenne and Evanston, WY. We are confident we have found an institution that mirrors our customer service philosophy and are excited to introduce our customers to Platte Valley Bank."
The transaction is projected to increase Buffalo Federal Savings Bank's regulatory capital ratios and allow more flexibility from a capital planning perspective. The projected capital and earnings enhancement reinforce the commitment of increasing profitability and shareholder value while anticipating the growing demands upon capital.
The transaction is expected to be completed in late Q3 2014 or early Q4 2014 subject to regulatory approval and other customary closing conditions. Lewis Roca Rothgerber, LLP served as legal advisor for Platte Valley Bank. FinPro Capital Advisors Inc. served as financial advisor and Spidi & Fisch, PC served as legal advisor for Buffalo Federal Savings Bank.
FORWARD-LOOKING STATEMENTS
Statements in this release that are not historical facts, including, but not limited to, statements concerning future operations, results or performance, are hereby identified as "forward looking statements". Crazy Woman Creek Bancorp, Incorporated cautions that such "forward looking" statements," wherever they occur in this release or in other statements attributable to Crazy Woman Creek Bancorp, Incorporated are necessarily estimates reflecting the judgment of Crazy Woman Creek Bancorp, Incorporated senior management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the "forward looking statements." Some factors that could affect the accuracy of such "forward looking statements" include general economic conditions, especially in Wyoming the performance of the capital markets; changes in interest rates, yield curves and interest rate spread relationships; changes in accounting and tax principles, policies or guidelines; changes in legislation or regulatory requirements; changes in the competitive environment in the market served by Crazy Woman Creek Bancorp, Incorporated; and changes in the loan portfolio and the deposit base of Crazy Woman Creek Bancorp, Incorporated. Crazy Woman Creek Bancorp, Incorporated disclaims any intent or obligations to update such "forward looking statements."