Alamogordo’s Bank 34 Merged Rebranded as Southwest Heritage Bank

Alamogordo’s Bank 34 is commencing a brand and name change.

Bancorp 34, Inc. headquartered in Scottsdale, Arizona, is the holding company for Bank 34. Bank 34 has three full-service community bank branches, one in Maricopa County, Arizona in the city of Scottsdale and one each in Otero and Dona Ana Counties in the cities of Alamogordo and Las Cruces in southern New Mexico.

Bancorp 34, Inc. (OTCQB: BCTF), the parent company for Bank 34,  announced that it has completed its previously announced merger with CBOA Financial, Inc. ("CBOF"), the parent company of Tucson, Arizona based Commerce Bank of Arizona ("Commerce Bank"), effective March 19, 2024. Also, effective March 19, 2024, Commerce Bank merged into Bank 34.

Commerce Bank had approximately $433 millionin total assets, $325 million in gross loans and $340 million in deposits as of December 31, 2023. Commerce Bank operates five full-service offices serving customers in Gilbert, Green Valley, Oro Valley, Scottsdale and Tucson, Arizona. With the addition of Commerce Bank, on a pro forma combined basis, Bank 34 would have total assets of approximately $1 billion, gross loans of approximately $782 million and total deposits of approximately $819 million as of December 31, 2023. The combined bank will serve customers from eight full-service offices in Arizona and southern New Mexico. A scheduled systems conversion was planned for the weekend of March 23, 2024. The combined banks will operate as Southwest Heritage Bank began on March 25, 2024.

Chief Executive Officer Jim Crotty commented, "Our collective teams have gone through significant preparation and effort in anticipation of seeing this merger come to fruition. The combined team is excited to continue with our first-class customer service as we look to grow our market share as Southwest Heritage Bank."

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