Las Cruces, NM – Western Heritage Bank (“WHB”) has announced that on May 16, 2017 it entered into a definitive agreement with PlainsCapital Bank for the purchase of its El Paso location. The transaction includes the purchase of approximately $25 million in loans and $24 million in deposit accounts. The acquisition is subject to regulatory approval and expected to close in the third quarter of 2017.
Until that time, the PlainsCapital Bank location at 4849 N. Mesa Street on El Paso’s west side will continue to provide services during current hours of operation, Monday through Friday from 9 a.m. to 5 p.m. ATM services will also remain accessible. As the closing nears, El Paso PlainsCapital customers will be contacted by WHB with detailed information about the transition and WHB extension of services. Existing deposit products enjoyed by PlainsCapital customers will continue.
“It’s good to be home again. We are thrilled about the upcoming expansion of Western Heritage Bank into the El Paso market. This affords our business the ability to connect with a community that we know well,” said Jim Volk, WHB Chairman of the Board. “Our shareholders have a presence in El Paso, and we are familiar with its unique business environment.”
“We look forward to providing efficient and comprehensive onsite services combined with contemporary banking conveniences to individuals and corporate clients,” added Greg Cory, WHB President and CEO.
WHB also plans to announce the names of the El Paso board of directors in the coming months.
About Western Heritage Bank
Since 2001, Western Heritage Bank, a community based institution, has been an active participant in the vibrant and diverse economy of Southern New Mexico. It has helped build businesses ranging from the agriculture industry to manufacturing operations. The bank provides modern banking conveniences with traditional, personalized service in the areas of online banking, personal banking, business banking and loans. Western Heritage Bank is a New Mexico state bank and is a wholly owned subsidiary of New Mexico First Financial, Inc. Western Heritage Bank currently operates locations in Las Cruces, New Mexico and Deming, New Mexico. For more information please visit westernheritagebank.com
About New Mexico First Financial, Inc.
Established in 2000, New Mexico First Financial, Inc. is a locally owned and operated holding company that provides a variety of financial services to individuals and corporate customers in the Las Cruces and Deming, New Mexico areas. The company is driven to help communities succeed through full service banking at Western Heritage Bank. Expansion is currently underway for a location in El Paso, Texas.