PHOENIX, June 11, 2021 (GLOBE NEWSWIRE) – Republic Bank of Arizona (the “Bank”) announced the establishment of RBAZ Bancorp, Inc. (OTCPK: RBAZ) (the “Company”), a bank holding company.
Following approval from shareholders and regulators, with effect from June 10, 2021, the Republic Bank of Arizona became the wholly-owned subsidiary of RBAZ Bancorp, Inc. effective June 10, 2021. As a result, every common share of the bank will be converted into one common share of the company. The common stock of RBAZ Bancorp, Inc., like the Republic Bank of Arizona before it, trades on the OTC Pink Exchange under the ticker symbol RBAZ. Bank shareholders who currently have paper share certificates will shortly receive instructions from our share transfer agent Computershare on how to exchange their shares.
Brian Ruisinger, President and CEO, said, “We are pleased to announce the establishment of RBAZ Bancorp, Inc. as the holding company of Republic Bank of Arizona. This will enable improved access to the capital markets and offers the flexibility necessary for the company’s further growth. We believe this move will put our company in the best possible position to take advantage of additional opportunities when they arise. “
The establishment of the holding company will not affect the business of the bank. The bank will continue to offer its full range of financial services, including deposit and loan products, as well as convenient online and mobile banking. The bank’s headquarters will remain in Phoenix, Arizona.
Republic Bank of Arizona is a locally owned community bank in Phoenix and Scottsdale, Arizona. The bank is a full-service community bank that offers individuals, companies and professionals deposit and loan products as well as convenient online and mobile banking. The bank was founded in April 2007 and is headquartered at 645 E. Missouri Avenue, Suite 108, Phoenix, AZ. Our second location is 6909 E. Greenway Parkway, Suite 150, Scottsdale, AZ. For more information, please visit our website: www.republicbankaz.com.
This press release may contain forward-looking statements about RBAZ Bancorp, Inc. and Republic Bank of Arizona (collectively the “Company”) for which the company claims protection of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 the current knowledge and beliefs of the management and contain information about the possible or assumed future financial position of the company as well as its operating and business results. Forward-looking statements are subject to risks and uncertainties. A number of important factors could cause actual results to differ materially from those expressed in the forward-looking statements. These factors include interest rate fluctuations, government policies and regulations (including monetary and financial policies), laws, economic conditions, borrower’s ability to repay, operational factors, and competition in the geographic and business areas in which the company operates. All forward-looking statements contained in this press release are based on information available at the time of publication and the company assumes no obligation to update any forward-looking statements.
Contact: Brian Ruisinger
President and Chief Executive Officer
E-mail: [email protected]