Western Heritage Bank (WHB) announced Thursday morning that it has entered into a Purchase and Assumption Agreement with Pioneer Bank, that will impact local bank customers.
As provided in the Agreement, WHB intends to purchase Pioneer’s three El Paso branches located at 6068 Gateway East, 2290 Trawood Drive, and 7015 North Mesa Street.
“We are excited to expand Western Heritage Bank’s footprint in the El Paso market. Since we opened the Mesa Street branch last year, we have been embraced by the community and our shareholders are pleased with our results,” said Jim Volk, WHB Chairman of the Board.
“With the addition of three new locations, Western Heritage Bank looks forward to offering our extensive range of services and conveniences to more individuals and businesses, as well as expanding the number of locations available to our existing customers,” added Greg Cory, WHB President and CEO.
WHB intends to offer employment to all Pioneer staff that will remain with the El Paso branches.
As part of the transaction, WHB will acquire certain loans originated by Pioneer and the residential mortgage lending operation of the El Paso branches, and assume the deposits of the El Paso branches.
The sale is subject to regulatory approval and is expected to be completed by the end of the second quarter 2018.
Until the transaction is completed, Pioneer will continue to provide services to customers at the El Paso branches during its current hours of operations. There will be no disruption to El Paso branch customers as a result of this transaction.
Following regulatory approval, El Paso branch customers will be contacted by WHB with detailed information about the transition and WHB’s services. Existing deposit products enjoyed by Pioneer customers will continue through WHB following the completion of this transaction.
Upon closing, WHB will operate a total of four local offices in El Paso. Western Heritage Bank is headquartered in Las Cruces, New Mexico; while Pioneer Bank headquartered in Roswell, New Mexico.
