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2017~ First Fidelity Bancorp Announces Agreement to Acquire Western Security Holding Co. of Arizona

2017-06-07 04:57 [BANK] Source:Netword
Guide:Lee R. Symcox, President of First Fidelity Bancorp has announced an agreement to acquire Western Security Holding Co., the parent of Western Security

PHOENIX--(BUSINESS WIRE)--Lee R. Symcox, President of First Fidelity Bancorp has announced an agreement to acquire Western Security Holding Co., the parent of Western Security Bank. The transaction is expected to close in the first quarter of 2007. Western Security will operate as an independent subsidiary until it is merged into First Fidelity Bank, N.A. in the summer of 2007.

Western Security is Scottsdales oldest and largest family owned independent bank with two offices in Scottsdale and one in Deer Valley. Owner Bob Kruger and his son, Chairman and CEO Greg Kruger, have grown Western Security on a reputation for personalized service and is known for its entrepreneurial approach to business banking.

We have hand picked First Fidelity Bank and the Symcox family to continue providing the level of service that our customers have become accustomed to, according to Bob Kruger. Their core values and corporate culture are very similar to ours.

Symcox is a fourth generation banker and has led the organization for more than 15 years. The bank has grown from $120 million to over $850 million in total assets in 15 years. First Fidelity, headquartered in Oklahoma City, is a group of merged and acquired banks, the oldest of which was chartered in 1921 when it began as City National Bank and Trust Company in Norman, Oklahoma. Upon completion of the merger, the bank will have total assets in excess of $1 billion.

First Fidelity is the third largest bank based in the Oklahoma City metropolitan area. With over 340 employees, the bank was recently notified of its selection as one of Oklahomas top 25 employers. The bank currently has a total of 23 offices with 20 in the metro Oklahoma City area, two in Tulsa and an office in Phoenix.

We are delighted that we will significantly expand our footprint in the Phoenix and Scottsdale area. We have been planning to expand our presence since we established our Arizona office in 2005, Symcox stated. First Fidelity already has a large number of clients in the area and adding the three locations of Western Security Bank provides added convenience and options to both banks clients.

The Western Security clients will be able to utilize First Fidelitys existing location in the Biltmore Estates area when the two banks merge this summer, he added.

First Fidelity is a closely held family owned nationally chartered bank headquartered in Oklahoma City. Bill Cameron, his sister Lynda Cameron along with Lee and Suzanne Symcox have partnered for ownership control. The Camerons represent the third generation of ownership control of American Fidelity Assurance, a nationally A+ rated insurance company.

Although the bank has grown significantly in recent years, it prides itself on serving the community and believes in supporting education and community development organizations. The banks core values are founded on high quality service and creative client solutions.

The merger is subject to customary closing conditions, including approval from banking regulators. Sandler O'Neill & Partners, L.P., advised Western Security in this transaction.

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