Stearns Bank N.A. Acquires All Insured Deposits of Alpha Bank & Trust in
Alpharetta, Georgia
ALPHARETTA, Ga., Oct. 24 /PRNewswire/ -- Effective October 24, 2008 at
4:00 p.m. EDT, Stearns Bank N.A. headquartered in St. Cloud, Minnesota
acquired all insured deposits of Alpha Bank & Trust located in Alpharetta &
Marietta, Georgia. Insured depositors of Alpha Bank & Trust will automatically
become depositors and customers of Stearns Bank and will retain uninterrupted
services and access to their accounts.
Stearns Bank is an independently owned financial institution established
in 1912, under current ownership since 1964. Stearns Bank has grown to more
than one billion dollars in assets with locations in St. Cloud, Edina, Albany,
Holdingford, and Upsala, MN, along with Scottsdale, AZ.Stearns Bank also has
a nationwide Equipment Finance Division based in Albany, MN and an Accounts
Receivable Finance Division located in Utah.
Norman C. Skalicky, CEO of Stearns Bank, said, "The current capital
position of Stearns Bank is approximately $250 Million. We have over 23%
capital in our banking system today. This is three times the average capital
of all commercial banks in the United States, four times what is considered
being well capitalized, and almost ten times what some of the investment banks
have or had.
"We have a very sound and diversified asset portfolio spread between six
different financial products. We are pleased to bring the safety and soundness
of Stearns Bank to the former depositors of Alpha Bank & Trust."
SOURCE Stearns Bank N.A.
Norman Skalicky or Harley Vestrum of Stearns Bank N.A., +1-320-650-2386,
harleyv@stearns-bank.com
