Heber Valley Bank acquires Park City branch of Frontier Bank.

• Position: WASATCH/SUMMIT AREA

Heber--HEBER VALLEY BACK acquired the Parity City branch of FRONTIER BANK, FSB under an agreement announced by the two banks. The acquisition is subject to approval by bank regulators.

Heber Valley Bank is part of Grand Valley Bank, headquartered in Heber City. The new Park City branch location will be the eighth for the bank. Total assets of the bank are about $273 million, making it the sixth largest state-chartered community bank in Utah.

Although Frontier Bank's headquarters are in Park City, it moved its entire administration, including all executive management, to Palm Desert, Calif., where it operates three branches as El Paseo Bank. "While a very difficult decision given our history in Park City, this sale allows us to consolidate our banking operations in a much smaller footprint...