Altabancorp™ Comments on Gunther Family 13D Group Statements
16 Marzo 2021 - 4:04PM
Business Wire
Altabancorp™ (Nasdaq: ALTA) (the “Company” or “ALTA”), the
parent company of Altabank™, issued the following statement in
response to the proxy materials filed by the designated
representatives of the Section 13D group consisting of various
Gunther family members and their entities (“Gunther Family 13D
Group”) on March 15, 2021.
“Our Board of Directors and executive management team believe in
enhancing value for all of our stakeholders, including associates,
clients, communities, regulators, and shareholders. Importantly, we
respect the views of all of our investors, including the Gunther
Family, and expect constructive input from them that will help us
realize this objective,” said Richard Beard, Chairperson of
Altabancorp™. “We are confident that we have the right Board and
leadership in place to continue to take actions that will position
the Company to be the best place to bank, work, and invest.”
“We have taken decisive actions over the last three years to put
Altabancorp™ on a firm course for success and to continue to
generate value for all our stakeholders,” said Len Williams,
President and Chief Executive Officer. “We have significantly
increased our commercial, retail, and mortgage banking capabilities
by providing opportunities for growth among our existing
exceptional team and by attracting high performing outside talent.
We have significantly invested in new information technology to
allow us to scale our business both through organic growth and
potential acquisitions.”
Mr. Williams continued, “In addition, we continue to proactively
manage credit and loan concentration risk to ensure the
organization has the capacity and ability to safely grow our
balance sheet, while continuing to generate above market returns as
highlighted by our fourth quarter and year-end 2020 financial
results:
- Total assets grew $960 million, or 40%, year-over-year to $3.37
billion;
- Total deposits grew $860 million, or 42%, year-over-year to
$2.92 billion;
- Net loans grew $14.6 million, or 0.9%, to $1.70 billion, even
as total loan volume was $1.4 billion for all of 2020;
- Cash and liquid investment securities grew $942 million, or
152%, to $1.56 billion, or 46% of total assets;
- Tangible equity plus allowance for credit losses totaled $384
million, or 23% of total loans held for investment;
- Tangible book value per share increased $2.12, or 13.2%, to
$18.21; and
- Return on average assets was 1.52% and return on average equity
was 12.44%.
Even as we have focused on credit and concentration risks, we
have been able to generate over $1.4 billion in loan originations
for each of the last three years. We believe our combination of a
fortress balance sheet and above peer returns places us in a unique
position to maintain our high-touch banking platform to service
clients’ needs and to continue to create value for all
stakeholders.”
Keefe, Bruyette & Woods, a Stifel Company, is acting as
financial advisor to the Company. Jones Day is the legal advisor to
the Company.
About Altabancorp™
Altabancorp™ (Nasdaq: ALTA) is the bank holding company for
Altabank™, a full-service bank, providing loans, deposit and cash
management services to businesses and individuals through 25 branch
locations from Preston, Idaho to St. George, Utah. Altabank™ is the
largest community bank in Utah with total assets of $3.4 billion.
Our clients have direct access to bankers and decision-makers, who
work with clients to understand their specific needs and offer
customized financial solutions. Altabank™ has been serving
communities in Utah and southern Idaho for more than 100 years.
More information about Altabank™ is available at www.altabank.com.
More information about Altabancorp™ is available at
www.altabancorp.com.
Forward-Looking Statements
This press release may contain certain forward-looking
statements that are based on management's current expectations
regarding the Company’s financial performance. Forward-looking
statements can be identified by the fact that they do not relate
strictly to historical or current facts. They often include the
words “believe,” “expect,” “intend,” “estimate” or words of similar
meaning, or future or conditional verbs such as “will,” “would,”
“should,” “could” or “may.” Factors that could cause future results
to vary materially from current management expectations include,
but are not limited to, the duration and impact of the COVID-19
pandemic, natural disasters, general economic conditions, economic
uncertainty in the United States, changes in interest rates,
deposit flows, real estate values, costs or effects of
acquisitions, competition, changes in accounting principles,
policies or guidelines, legislation or regulation, and other
economic, competitive, governmental, regulatory and technological
factors (including external fraud and cybersecurity threats)
affecting the Company's operations, pricing, products and services.
These and other important factors are detailed in the Company’s
Form 10-K, Form 10-Qs, and various other securities law filings
made periodically by the Company, copies of which are available
from the Company’s website. The Company undertakes no obligation to
release publicly the result of any revisions to these
forward-looking statements that may be made to reflect events or
circumstances after the date of this press release or to reflect
the occurrence of unanticipated events, except as required by
law.
Additional Information and Where to Find It
The Company expects to file a proxy statement and associated
WHITE proxy card with the Securities and Exchange Commission (the
“SEC”) in connection with the solicitation of proxies for the
Company’s 2021 Annual Meeting. Details concerning the nominees of
the Company’s Board of Directors for election at the 2021 Annual
Meeting will be included in the proxy statement to be filed by the
Company with the SEC in connection with the solicitation of proxies
for the Company’s 2021 Annual Meeting. This communication is not a
substitute for the proxy statement or for any other document that
the Company may file with the SEC and send to the Company’s
stockholders. INVESTORS AND SECURITY HOLDERS OF THE COMPANY ARE
URGED TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS FILED WITH
THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and
security holders will be able to obtain free copies of the proxy
statement (when available) and other documents filed with the SEC
by the Company through the website maintained by the SEC at
http://www.sec.gov. Copies of the documents filed with the SEC by
the Company will be available free of charge on the Company’s
website at https://www.altabancorp.com/sec or by contacting the
Company by mail at Attn: Corporate Secretary, 1 East Main Street,
American Fork, Utah 84003.
Participants in the Solicitation
The Company and certain of its directors, certain of its
executive officers and other members of management and employees
may be considered participants in the solicitation of proxies for
the Company’s 2021 Annual Meeting under the rules of the SEC.
Information about the directors and executive officers of the
Company is set forth in its Annual Report on Form 10-K for the year
ended December 31, 2020, which was filed with the SEC on March 15,
2021, and its proxy statement for its 2020 annual meeting of
stockholders, which was filed with the SEC on April 17, 2020. To
the extent holdings of such participants in the Company’s
securities are not reported, or have changed since the amounts
described, in the Company’s proxy statement for its 2020 annual
meeting of stockholders, such changes have been reflected on
Initial Statements of Beneficial Ownership on Form 3 or Statements
of Change in Ownership on Form 4 filed with the SEC. These
documents can be obtained free of charge from the source indicated
above. Additional information regarding the interests of such
participants in the solicitation of proxies in respect of the
Company’s 2021 Annual Meeting will be included in the proxy
statement and other relevant materials to be filed with the SEC
when they become available.
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version on businesswire.com: https://www.businesswire.com/news/home/20210316006083/en/
Investor Relations Contact Mark K. Olson Executive Vice
President and Chief Financial Officer Altabancorp™ 1 East Main
Street American Fork UT 84003 investorrelations@altabancorp.com
Phone: 801-642-3998
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