Community Bancorp in Las Vegas is expanding in Arizona by buying the $43 million-asset Cactus Commerce Bank in the Phoenix suburb of Glendale for $13.3 million in cash.
The $1 billion-asset Community said July 20 that it would pay Cactus shareholders $256.59 a share.
Cactus would become a wholly owned subsidiary of Community and operate under its current name and charter.
Community has loan production offices in Phoenix and San Diego. It would gain its first bank outside of Nevada by buying Cactus Commerce. The deal is expected to close either late in the third quarter or early in the fourth.
Community announced in June that it was buying the $441 million-asset Valley Bancorp, also in Las Vegas, for $137 million in cash and stock. That deal is expected to close in the fourth quarter.
