New Mexico Banquest Corporation, Holding Company of First National Bank of Santa Fe, Merging with Strategic Growth Bancorp Inc.
11/30/2012, Santa Fe, NM: The Board of Directors of New Mexico Banquest Corporation announced today that they have agreed to merge the company with a wholly owned subsidiary of Strategic Growth Bancorp Inc., an El Paso, TX based financial holding company. The proposed merger remains subject to Federal Reserve System approval and is anticipated to close during the second quarter of 2013. New Mexico Banquest Corp. will continue to operate each of its subsidiary companies including First National Bank of Santa Fe, First Santa Fe Advisors, and First Santa Fe Insurance Services. The merged firm’s geographic reach will focus specifically on the Southwest region.
Chartered in 1870, First National Bank of Santa Fe is the oldest bank in the southwest and has a rich heritage of community commitment and a tradition of service excellence. The pro-active merger was initiated by First National Bank to enhance its already strong financial standing, and will position First National Bank to retain its community roots while growing to become one of the leading financial services firms in the Southwest.
The First National Bank of Santa Fe name and brand will remain unchanged and all 11 banking offices throughout Santa Fe, Albuquerque, Denver, and Los Alamos will continue to serve their clients with the Bank’s customary high level of expertise and personal attention. Customer accounts and relationships will continue unchanged after the merger, with no disruption in service or inconvenience to customers in any way.
The Bank’s record levels of capital and liquidity, sustained profitability and strong ongoing earnings are credited as key factors in the expected successful outcome of the merger. The Bank’s financial strength and stability have allowed them to confidently address broader industry economic challenges, as reflected in the high ratings awarded to the Bank by independent rating agencies. The Bank continues to earn a 4-star "safe and sound" rating from Bankrate and a 5-star rating from Bauer Financial Inc.*
Greg Ellena, Chairman, President and CEO of New Mexico Banquest Corporation and President and CEO of First National Bank of Santa Fe states, "We believe people want to do business with firms that understand and reflect their local values. We also recognize our customers’ needs to address ever more challenging personal, commercial and investment issues. This merger represents our commitment to combining the great service history and heritage of First National Bank of Santa Fe with the new ‘state-of-the-art’ products, services and capabilities expected by our clients. We will continue our quest to be locally committed and forwardly inspired."
*Star ratings current as of November 29, 2012 based on June 30, 2012 financial data.