Estimated read time: Less than a minute
SALT LAKE CITY (AP) -- Two Utah banks are merging operations.
Ogden's Centennial Bank and Capital Community Bank of Provo agreed to the deal this week in hopes that their combined resources will provide more business opportunities.
If shareholders and federal regulators approve the merger, it would create a community bank with nearly 200 (M) million dollars in assets.
That will allow the partners to issue bigger loans, because banks can't legally lend more than 15 percent of their total capital.
Bank officials say each operation has about 45 employees, and neither figures that the merger will mean staff cuts.
The bank will operate under the Centennial name.
(Copyright 2004 by The Associated Press. All Rights Reserved.)