Service1st bank has approximately $204 million in assets and approximately $159 million in deposits
Global Consumer Acquisition Corp (GCAC), a blank check company, and Service1st Bank of Nevada, have signed a letter of intent for the acquisition by GCAC of Service1st in an all stock transaction. GCAC is expected to become Western Liberty Bancorp (WLB), a new bank holding company.
Under the terms of transaction, William Martin, current CEO and vice chairman of Service1st, would become CEO of WLB and would remain as CEO of Service1st. John Gaynor, current president and chief operating officer of Service1st, would become president of WLB and would remain in his current position at Service1st and George Rosenbaum would serve as chief financial officer of both WLB and Service1st.
Jason Ader, chairman of WLB, said: “The acquisition of Service1st would be a model transaction for us, and we look forward to pursuing this together with the many similar opportunities that we expect to become available in the Nevada marketplace. We are incredibly excited that Bill Martin and John Gaynor would look to join WLB upon the consummation of such a transaction with Service1st. They are tremendously talented and well-respected Nevada bankers, and we expect they would be valuable additions to WLB.”