Strategic Capital Enhancement Plan Results in the Closure of First State's Utah Branches...

ALBUQUERQUE, N.M.--(BUSINESS WIRE)--In response to current economic conditions and factors affecting the banking industry that are placing a premium on capital levels, First State Bancorporation (First State) (NASDAQ: FSNM - News ) will close its Utah operations. The Utah operations were acquired as part of the First Community Industrial Bank acquisition in October 2002 and currently consists of two branches operated as First Community Bank in Salt Lake City and the nearby suburb of Midvale, Utah. Both branches are scheduled to close on October 31, 2008. At June 30, 2008, the Utah operations included $287.2 million in loans, $20.9 million in deposits and two branches. The Salt Lake City branch operates out of an owned building which will be listed for sale while the Midvale branch is in a leased facility. The expectation is... [read full story]