Buffalo Federal completes branch sale

Buffalo Federal Bank, Buffalo, Wyo., has finalized its sale of a branch to Platte Valley Financial Service Companies, Inc., Scottsbluff, Neb..The Evansville, Wyo., location is now a branch of Platte Valley's Torrington, Wyo.-based Platte Valley Bank. Platte Valley acquired $9.63 million in loans and $9.45 million in deposits as part of the deal..Evansville's location on the east side of Casper, Wyo., complements Platte Valley's existing branch on the southwest side of the city, said Joseph Guth, Platte Valley's corporate president for Wyoming..The sale will increase Buffalo Federal's regulatory capital ratios and allow more flexibility in capital planning, a spokesperson for the bank's holding company said. The company redeemed some TARP shares earlier this year, and said it is on track to finish redeeming shares and exit the program this year.."The Casper community and the bank of Casper customers will continue to be well served with quality community banking service and products while the financial result from the sale of the location will fully meet Buffalo Federal Bank's objectives set forth when the purchase and assumption agreement was entered into," said Paul Brunkhorst, Buffalo Federal's president and CEO..After the transaction, the $120 million Buffalo Federal will have three branches in Buffalo, Gillette and Sheridan, Wyo..Lewis Roca Rothgerber, LLP served as legal advisor for Platte Valley Bank. FinPro Capital Advisors Inc. served as financial advisor and Spidi & Fisch, PC served as legal advisor for Buffalo Federal Savings Bank..The $912 million, multi-bank Platte Valley recently completed its acquisition of the four-branch Mountain Valley Bank, Walden, Colo. Platte Valley also owns banks based in Scottsbluff and Cheyenne, Wyo.