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Bancorp 34, Inc. (OTCQB: BCTF) is a holding company headquartered in Scottsdale, Arizona, established in 1934. The company operates through its subsidiary, Bank 34, offering comprehensive community banking services across Arizona and New Mexico. Bank 34 maintains three full-service branches located in Scottsdale, Arizona, and Alamogordo and Las Cruces, New Mexico.
The company recently announced its merger with CBOA Financial, Inc., the parent company of Commerce Bank of Arizona. This merger, which became effective on March 19, 2024, significantly scales Bancorp 34’s assets to approximately $1 billion, with gross loans at $782 million and total deposits at $819 million. Post-merger, the bank will operate under the name Southwest Heritage Bank and will have eight full-service branches in Arizona and New Mexico.
Bancorp 34’s latest financial performance for the fourth quarter of 2023 showed a net loss of $1.7 million, primarily due to merger-related expenses and higher funding costs driven by market rates and competition for deposits. Despite these challenges, the company saw a slight increase in total assets, rising to $581.3 million by the end of 2023, compared to $574.3 million at the end of 2022. The tangible book value per share closed the year at $12.94.
CEO Jim Crotty has expressed optimism about the merger with CBOA, highlighting the hard work and integration efforts of team members from both organizations. The merger is expected to enhance shareholder value and bolster the bank’s presence as a premier community bank in its core markets.
For more information on Bancorp 34, Inc. and its services, investors are encouraged to read the detailed filings available on the SEC's website. For recent updates and contact information, the Chief Financial Officer, Kevin Vaughn, can be reached at (623) 334-6064 or via email at BCTF@Bank34.com.
Bancorp 34 announced a quarterly cash dividend of $0.05 per share, payable on September 25, 2020, to shareholders of record by September 11, 2020. This marks the seventh dividend since the company's mutual-to-stock conversion in October 2016. The CEO emphasized the dividend reflects confidence in long-term financial prospects and commitment to enhancing shareholder value while maintaining a strong capital position amidst the ongoing economic challenges.
Bancorp 34, Inc. (NASDAQ: BCTF) has announced its intent to voluntarily delist its common stock from the NASDAQ Capital Market and withdraw its registration with the SEC, effective around August 25, 2020. This decision, driven by cost-saving measures, will suspend the need for periodic SEC filings. Additionally, the company has initiated a stock repurchase program with a total purchase price not exceeding $600,000. As of June 30, 2020, Bancorp 34 reported consolidated assets of $458 million and stockholders' equity of $45.6 million.
Bancorp 34, Inc. (NASDAQ: BCTF) has appointed James Crotty as Co-President and Chief Executive Officer, effective July 20, 2020. Crotty, with 16 years at Keefe, Bruyette & Woods, brings extensive experience in strategic initiatives for community banks. Current CEO Jill Gutierrez will assist in the transition. Chairman Randall Rabon expressed confidence in Crotty's leadership to enhance stockholder value. As of March 31, 2020, Bancorp 34 reported consolidated assets of $408.4 million and stockholders' equity of $46.1 million.
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