Rocky Mountain Bank Acquired by First National Bank of Nevada Holding Co.; Changes Name to 1st National Bank of Arizona

Business Wire, Jan 31, 2001

Business Editors/Banking Writers

CHANDLER, Ariz.--(BUSINESS WIRE)--Jan. 31, 2001

William F. Frank, president and chief executive officer of Rocky Mountain Bank (OTCBB:RMQK), and Raymond A. Lamb, chairman and chief executive officer of First National Bank of Nevada Holding Co., jointly announced Wednesday the acquisition by First National Bank of Nevada Holding Co. of 84.8 percent of the outstanding shares of Rocky Mountain Bank, and the conversion of its charter from a state bank to a national bank.

Immediately upon the change in control, the name of the bank was changed to 1st National Bank of Arizona.

"The acquisition of Rocky Mountain Bank, now known as 1st National Bank of Arizona, is a key step in expanding our franchise in Arizona," said Lamb. "Later in the year we expect to consolidate the bank with our existing subsidiary, First Bank of Arizona, n.a.

"Such combination would extend the 1st National Bank of Arizona banner to a total of six free-standing branches and 13 in-store Wal-Mart locations in Arizona, and total assets in excess of $300 million. However, until we are able to convert our operations to a common banking system, our two Arizona subsidiaries will operate as separate banks under separate names," he explained.

Lamb also announced that William F. Frank will remain a director of 1st National Bank of Arizona.

"I am pleased that Bill agreed to join our organization, and that he will assume overall responsibility for Arizona retail services, including both Wal-Mart and traditional branch operations," Lamb continued.

"We also are pleased that our designation as 1st National Bank of Arizona identifies our Arizona heritage and local ownership," he said.

Frank noted that Rocky Mountain Bank, now known as 1st National Bank of Arizona, brings an 11 year history of successful operations to the 1st National Bank Group. At Dec. 31, 2000, the bank had assets of $125 million and had achieved the status of a Preferred SBA Lender in Arizona.

"I am excited that we will have an expanded presence in metro-Phoenix and other growth areas of Arizona," Frank observed. "Our challenge is to continue growth and expansion in these markets while keeping a close relationship with our customers," he added.

First National Bank of Nevada Holding Co.

First National Bank of Nevada Holding Co. is a privately held holding company that owns three banks, First National Bank of Nevada, 1st Bank of Arizona n.a., and 1st National Bank of Arizona (formerly Rocky Mountain Bank). All three banks serve similar customer bases in their respective communities.