Solera National Bancorp, Inc. (OTC:SLRK) (BULLETIN BOARD: SLRK), a traditional, community, commercial bank with a specialized focus serving the Hispanic market, announced today that its wholly-owned banking subsidiary, Solera National Bank, has entered into a Purchase and Assumption agreement with Liberty Savings Bank, FSB, headquartered in Wilmington, Ohio, whereby Solera will assume approximately $40 million of customer deposits from Liberty's Lakewood, Colorado branch and purchase $30 million of Colorado-based performing loans.
The transaction is subject to regulatory approvals and is expected to close in the fourth quarter of 2010.
"This transaction is projected to expand our deposit base by 35% and increase our loan portfolio by 50%, contributing significantly toward our goal of building a premier community bank in the Denver area," said Douglas Crichfield, President and CEO of Solera National Bancorp, Inc.
St. Charles Capital, LLC acted as financial advisor, and Fairfield & Woods, P.C. provided legal counsel to Solera on this transaction.