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 open in June
Arizona Daily
Star A new community bank is being formed here, with plans for opening next June 1. Already, organizers of Commerce Bank of Arizona Inc. have raised $1.6 million. Their goal is to raise $6.5 million to $8 million total through the sale of stock in the bank. They have sent about 650 copies of an offering circular to prospective investors - friends and family members - announcing the sale of up to 800,0000 shares of common stock at $10 per share. Initial investors include Beth Walkup, wife of Tucson Mayor Bob Walkup; Jim Pignatelli, chairman, president and CEO of UniSource Energy Corp. and its Tucson Electric Power Co. subsidiary; Mike Hammond, president of PICOR Commercial Real Estate Services; and Chris Monson, president of Rocking K Development. The bank's president and chief financial officer is Randall J. Yenerich, who retired in 1998 as president of the Mid-City National Bank of Chicago, a $900 million institution. He has 40 years' experience as a commercial banker. Despite the weakened economy, Yenerich sees now as "an opportune time" to open a bank. "People are reducing their exposure to the stock market and have at least a portion of their portfolio reverted to insured deposits," he said. The new bank's primary business will be to serve the credit and banking needs of small- and medium-size businesses and Tucson-area residents. Its office will be at 3805 E. Broadway in a building that soon will be vacated by Long Realty. No individual or group will own more than 5 percent of the financial institution. The organizers' board of directors and officers now represents 23.8 percent of the total shares. The largest single shareholder among the group is J. Wendell Tyson, a retired Tucson radiologist who invested $225,000. The minimum amount of shares that can be purchased is 2,000, or $20,000 worth. The maximum amount is 32,500 shares, or $325,000. Yenerich said he's received strong support for the Commerce Bank of Arizona, the fourth bank to charter in Tucson since 1995. In August, the Arizona superintendent of banks issued the institution a banking permit, which will not be federally chartered. Its deposits, however, will be insured by the Federal Deposit Insurance Corp. "Some people think that Tucson is over-banked because they see a branch on every corner. But we don't have a lot of banks," Yenerich said. Canyon Community Bank President Steve Halverson agreed: "I believe it can be supported." That bank recently turned a year old. It now boasts $23.7 million in deposits, loans and other capital and financial instruments. Typically, community banks try to focus on personalized service, which is something larger commercial banks can't offer, Halverson said. Also, a community bank's lending decisions are made locally. Based on market research, the Commerce Bank of Arizona projects year-end deposits to be $55 million in its third year of operation. June 2000 research of FDIC bank data, provided by Yenerich, shows 17 state and federally chartered banks in Tucson. Other organizers and directors are: Richard P. Coleman, president and owner of Tucson Hearing Clinics Inc. James F. Frein, former president and CEO of stock underwriting and securities dealer Hutchinson, Shockey Erley & Co. Dean Greenberg, president of Greenberg Nehls & Co., a broker/ dealer. Robert B. Holland, a financial services consultant on a contract basis with KPMG Peat Marwick LLP. James Horvath, founder of Town West Realty Inc. W. Sean Lawley, president and owner of Lawley Motors LLC, Lawley Family Management, Cactus County Auto Sales, Lawley Properties and Lawley Holdings, all Sierra Vista companies. John F. Munger of the law firm Munger Chadwick PLC. Until it officially opens, the Commerce Bank of Arizona is operating at 333 N. Wilmot Road, Suite 300. Yenerich can be reached by telephone at 297-7984. The bank also plans to open a second branch late next year at the southwest corner of West Ina Road and North La Cholla Boulevard on land that is currently owned by Casas Adobes Baptist Church. The land still needs rezoning and community approval to build on it. Tucson banks Banks chartered in Tucson since 1995 Bank; date established; Dec. 31, 2000, deposits; deposit growth per year. Bank of Tucson; June 1996; $86.8 million; $19.3 million. Southern Arizona Community Bank; August 1998; $36 million; $18 million. Canyon Community Bank; October 2000; $12.3 million; (not applicable). Source: FDIC bank data Contact Star Business reporter Macario Juarez Jr. at 573-4663 or at mjuarez@azstarnet.com. - end - |
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