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CST: 21/07/2019 10:23:32   

JBNV Holding Corp Completes Purchase of Kirkwood Bancorporation of Nevada, Inc.

20 Days ago

LAS VEGAS, NV, July 01, 2019 (GLOBE NEWSWIRE) --

JBNV Holding Corp and Kirkwood Bancorporation of Nevada, Inc., the parent bank holding company for Kirkwood Bank of Nevada, jointly announced today the closing of JBNV Holding Corp’s acquisition of Kirkwood Bancorporation of Nevada, Inc. and its subsidiary bank, Kirkwood Bank of Nevada.

JBNV Holding Corp is led by Jeffrey Berns. Berns is a former attorney whose practice focused on consumer lending and consumer fraud class actions. Berns currently serves as the chief executive officer of Blockchains, LLC, which develops blockchain distributed ledger technology applications in various industries.

“We are extremely excited to have the opportunity to join the Kirkwood Bank of Nevada team and to be a part of the bank’s continued success and commitment to the communities it serves,” said Berns. “We have an immense respect for the Kirkwood Bank of Nevada management and board of directors, who have set the bank on course to be a prosperous community bank in Nevada, and we look forward to continuing to work with them. In addition, we intend to retain both of the Kirkwood Bank of Nevada branches in Las Vegas and to strategically grow the bank’s footprint in the region, all while honoring the bank’s emphasis on building long-term relationships with, and providing exceptional levels of service to, its customers.”

Kirkwood Bancorporation of Nevada, Inc.’s subsidiary, Kirkwood Bank of Nevada, was established in 2008 and operates two branches in Las Vegas, Nevada. At March 31, 2019, Kirkwood Bank of Nevada had approximately $88.6 million in assets, $72.8 million in total loans and leases, and $74.8 million in deposits.

“This merger is a tremendous opportunity and we are excited about the potential this partnership will bring to our customers and employees going forward,” said John Dru, president of Kirkwood Bank of Nevada. “For us, it was about finding the right partner, someone who would mirror our image and help us expand our relationships throughout the bank’s market area. To team up with a group that has shown a very strong commitment to the state will not only strengthen our banking relationships but will provide the resources for continued growth in this highly competitive marketplace.” 

Hunton Andrews Kurth LLP acted as legal advisor to JBNV Holding Corp. Winthrop & Weinstine, P.A. acted as legal advisor and Oakridge Financial Services Group, Inc. acted as financial advisor to Kirkwood Bancorporation of Nevada, Inc.

About Kirkwood Bancorporation of Nevada, Inc.

Kirkwood Bancorporation of Nevada, Inc. operates two branches in Las Vegas, Nevada through its subsidiary, Kirkwood Bank of Nevada, a Nevada state-chartered institution established in 2008. Kirkwood Bank of Nevada provides a full range of deposit and loan services to its personal and business customers. For more information, visit www.kirkwoodbanknv.com.

Cautionary Note Regarding Forward Looking Statements

This press release contains “forward-looking statements” within the meaning of Private Securities Litigation Reform Act of 1995 that involve inherent risks and uncertainties. Any statements about JBNV Holding Corp’s, Kirkwood Bancorporation of Nevada, Inc.’s or the combined company’s plans, objectives, expectations, strategies, beliefs, or future performance or events constitute forward-looking statements. Such statements are identified as those that include words or phrases such as “believes,” “expects,” “anticipates,” “plans,” “trend,” “objective,” “continue” or similar expressions or future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “may” or similar expressions. Such forward-looking statements include but are not limited to statements about the benefits of the business combination transaction involving JBNV Holding Corp and Kirkwood Bancorporation of Nevada, Inc., including future financial and operating results, the combined company’s plans, objectives, expectations and intentions, and other statements that are not historical facts. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected, including but not limited to the following: the possibility that the merger does not close when expected or at all because required regulatory, shareholder or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all; the risk that the benefits from the transaction may not be fully realized or may take longer to realize than expected, including as a result of changes in general economic and market conditions, interest and exchange rates, monetary policy, laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which Kirkwood Bancorporation of Nevada, Inc. operates; the reaction of Kirkwood Bancorporation of Nevada, Inc.’s customers and employees to the transaction; and the diversion of management time on merger-related issues.

These factors are not necessarily all of the factors that could cause JBNV Holding Corp’s, Kirkwood Bancorporation of Nevada, Inc.’s or the combined company’s actual results, performance or achievements to differ materially from those expressed in or implied by any of the forward-looking statements. Other unknown or unpredictable factors also could harm JBNV Holding Corp’s, Kirkwood Bancorporation of Nevada, Inc.’s or the combined company’s results.

All forward-looking statements attributable to JBNV Holding Corp, Kirkwood Bancorporation of Nevada, Inc. or the combined company or persons acting on JBNV Holding Corp’s or Kirkwood Bancorporation of Nevada, Inc.’s behalf are expressly qualified in their entirety by the cautionary statements set forth above. Forward-looking statements speak only as of the date they are made, and JBNV Holding Corp and Kirkwood Bancorporation of Nevada, Inc. do not undertake or assume any obligation to update publicly any of these statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If JBNV Holding Corp or Kirkwood Bancorporation of Nevada, Inc. updates one or more forward-looking statements, no inference should be drawn that JBNV Holding Corp or Kirkwood Bancorporation of Nevada, Inc. will make additional updates with respect to those or other forward-looking statements.

Attachment

John Dru
Kirkwood Bank of Nevada
702-912-0700
jdru@kirkwoodbanknv.com

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