Gunnison Valley Bank will merge with State Bank of Southern Utah and become a State Bank branch in Gunnison.
Eric J. Schmutz, President of State Bank announced that both boards of directors have approved the merger and a definitive agreement has been signed. The transaction is subject to approval by regulators and Gunnison Valley Bank shareholders and is expected to occur in the first quarter of 2019.
State Bank currently operates 13 full-service offices located in Fillmore, Richfield, Circleville, Tropic, Orderville, Kanab, Santa Clara, St. George, Hurricane, Parowan and Cedar City. This will be their first office located in Sanpete County.
Paul Anderson, President and CEO of Gunnison Valley Bank stated “we are pleased to join with State Bank and view this merger as a benefit to our many loyal bank customers. I am pleased to know that community banking will continue for many years to come in Gunnison Valley”.
