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Mohave Bank gets recognition
State Bank Corporation and its subsidiary Mohave State Bank are recognized in the June 2007 issue of the US Banker magazine in the snapshot article titled "Top Banks Focus on the 'E' in ROE." The article ranked the top 200 banks across the United States with total assets of less than $1 billion. State Bank Corporation, with an average three-year return on equity of 19.82%, was ranked 15th. Mohave State Bank, started in October 1991 in Lake Havasu City, is a full-service bank dealing in deposits and loan products.
JPMorgan Chase to build office at WTC site
JPMorgan Chase finalized a deal to build a skyscraper close to Ground Zero and shift its investment banking headquarters from Midtown. The bank will pay $290 million to the Port Authority of New York and New Jersey for rights to develop the site, and they will get a 92-year lease starting in July 2008. The bank's 42-story tower worth $2 billion will total 1.3 million square feet and is set to rise at the corner of Greenwich and Cedar Streets. Thousands of executives from Chase would be moved from the Midtown offices at 277 Park Avenue to Lower Manhattan.
Pennsylvania governor nominates banking secretary
Steven Kaplan, chief of staff for Mellon Financial Corporation's Mid-Atlantic Region and the chairman of Mid-Atlantic Charitable Trusts is nominated as Pennsylvania's banking secretary by Governor Edward G. Rendell. Kaplan has served the banking industry in Pennsylvania for more than two decades. He has led Mellon at various leadership positions since joining the corporation in 1982. Kaplan has also worked as an assistant district attorney in Philadelphia. The banking department protects citizens from financial abuse and provides safety to state-chartered financial institutions. The department also houses the Pennsylvania Office of Financial Education.
NC firm will buy Cardinal State Bank for $42 million
Cardinal State Bank is in the process of being sold to a North Carolina firm in a deal worth nearly $42 million. Elkin-based Yadkin Valley Financial Corporation has agreed to buy Cardinal for $17.62 per share. The bank's operation will be united with Yadkin Valley Bank and Trust subsidiary. After the deal, which is expected to close in the fourth quarter, the bank will have assets worth $1.4 billion and will possess 28 operational branches. John Mallard, Cardinal's chief executive officer, will take up the charge as regional president of the Cardinal State Bank division. Since 2002, Yadkin has taken over two other banks based in North Carolina.
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