First Mountain Bank (FMB) and PBB Bancorp/ Premier Business Bank (PBB) have entered into exclusive negotiations for the combination of the two banks. Discussions are advanced.
The parties anticipate that a merger agreement will be signed and terms announced by mid-June 2015.
Vince Smith, Chairman of FMB, stated: "We are pleased with the progress of the merger process and the opportunity to combine with Premier Business Bank. We believe they share our long standing commitment to serve our customers and support our communities.
"The directors have spent a lot of time with Premier Business Bank directors and officers getting to know them and their desire to be part of our mountain community."
John Polen, President and Chief Executive Officer of PBB, stated: "Community banking is the core focus of Premier Business Bank. I believe that completion of our merger will provide First Mountain Bank more services to offer to its customers, more support for its community and more opportunities for its employees.
"Preserving First Mountain Bank’s local identity, local decision making and fine customer base is our number one priority."