Volume 5, Number 27 - September 29, 2005
brought to you online by Pinedale Online
Pinedale bank sells after 42 years
First National Bank of Pinedale was established in 1963 by Vernon T. Delgado, its principal stockholder. At the time the bank was formed there were no banks in Pinedale. With the vision of growth that Sublette County was beginning to experience, several local investors established a bank to serve the needs of the surrounding area. Ranching and tourism had been a major part of business in the area for many years; however oil was proving to be a new industry for the entire area. With the oil companies came a great influx of workers and other service companies.
On Monday, Sept. 26, after 42 years of ownership, Vernon and Virginia Delgado announced their retirement and the sale of the First National Bank of Pinedale. According to a press release, Delgado stated that after “considerable and careful consideration, we have found an organization that is dedicated to run the bank with the same customer and community focus with which it has been run for the past 42 years.”
That new owner is United Bancorporation of Wyoming, the largest domestic bank holding company headquartered within the state of Wyoming. United Bancorporation owns and operates Shoshone First Bank in Cody, the Sheridan State Bank in Sheridan, Jackson State Bank and Trust and now the newest member, First National Bank of Pinedale. United Bancorporation prides itself in being a Wyoming-owned company; 75 percent of its shareholders are local, making it essentially employee-owned. They foster local management, local directors and local decision-making.
According to Delgado’s press release, United Bancorporation has a wonderful reputation for its customer focus, dedication to employees and commitment to the community it serves. Acquisition of the bank will take place in three to five months, after regulatory and shareholder approval.
In an interview, W. Richard Scarlett III, chairman and CEO of Jackson State Bank and Trust and president and chairman of United Bankcorporation, stated that United Bancorporation plans to add more deposit services than the bank is now offering and will expand on loans available to the community. It will also focus on residential lending, both construction and permanent, and home equity loans. He added that they plan to keep the same staff and management ... “we want to add to the community, not take away.”
No name change is planned although CEO of the bank and will sit on the local board of directors.
Jackson State Bank and Trust is the flagship bank of United Bancorporation of Wyoming Inc., with total resources in excess of $995 million (as of December 2004). With the acquisition of the First National Bank of Pinedale, assets of 54 million (as of December 2004) will be added to United Bancorporation.
The press release stated the Delgados would like to thank the town of Pinedale and their customers and the community for their loyal support and asks to join in welcoming United Bancorporation of Wyoming to Pinedale.
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