Treasure State Bank Announces Extension of Rights Offering

MISSOULA, Mont.--(BUSINESS WIRE)--Treasure State Bank (OTCBB:TRSU - News), a Montana chartered community bank, today announced that it is extending its Rights Offering that was set to expire November 17, 2009, at 5:00 p.m., prevailing Mountain Time, until November 24, 2009, at 5:00 p.m., prevailing Mountain Time. This extension is necessary because the mailing of the Prospectus was delayed and there also was an additional announcement of the appointment of James Salisbury as President & CEO on October 30, 2009. The extension of time will allow shareholders additional time to complete the necessary documents required to exercise their rights.The Bank may also conduct a limited public offering of its shares for those shares unsubscribed in the rights offering, and also may increase such limited public offering by up to a total of an additional 250,000 shares at $4.00 per share for additional gross offering proceeds of $1,000,000. This limited public offering, if undertaken, will expire on December 17, 2009, 5:00 p.m. Mountain Standard Time, although Treasure State Bank may extend this limited public offering at its discretion.For more information regarding the rights offering or to request copies of the prospectus, you may contact James A Salisbury, President and CEO, at 406-543-8700.About Treasure State BankTreasure State Bank, a state chartered bank, is headq...
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Treasure State Bank Appoints New President & CEO

MISSOULA, Mont.--(BUSINESS WIRE)--The Board of Directors of Treasure State Bank (OTCBB:TRSU - News) today announced the appointment of James Salisbury as President & CEO. Mr. Salisbury replaces Shelley Boutelle, who has served as President & CEO since the Bank’s inception in January 2007. Mr. Salisbury was one of the original organizers of the Bank and has been an active member of the Board of Directors. He serves as Vice Chairman of the Board and Chairman of the Asset Liability Management and Interest Rate Risk Committee. He is also a member of the Executive Committee and Loan Committee.Mr. Salisbury has over 20 years experience in banking. Prior to being involved with Treasure State Bank, he served as Executive Vice President and Chief Financial Officer of the Missoula-based Western Security Bank, a subsidiary of the publicly traded WesterFed Financial Corporation, with over $1 billion in assets.According to Mark Hawkins, Board Chairman, “Mr. Salisbury has the full confidence of the Board. His expertise in directing the financial affairs of large institutions, coupled with his intimate knowledge of the Bank and experience managing bank capital and dealing with regulatory compliance issues, makes him an ideal person to assume leadership responsibility during this critical period in the Bank’s development. His appointment has been approved by the FDIC and Montana Divisi...
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Treasure State Bank Reports Third Quarter 2009 Results

MISSOULA, Mont.--(BUSINESS WIRE)--Treasure State Bank (OTCBB:TRSU - News Overall, financial performance improved in the third quarter compared to the second quarter. The Board of Directors remains cautiously optimistic as it believes the banking industry will continue to feel the lag affects of the recession throughout 2009 and 2010. While economists speculate that the recession is over, weak labor markets, tight credit and lackluster real estate sales continue to put pressure on borrowers. The Board of Directors continues to focus on maintaining adequate loan loss reserves, strong liquidity and high capital levels during these challenging times. The Bank has had good success in increasing core deposits, primarily due to the success of its Reward Checking Account, which has improved liquidity and allowed a reduction in non-core funding. Strong measures were taken during the third quarter to identify cost-reduction and cost-containment initiatives. These initiatives will be implemented during the fourth quarter 2009 and fully realized in 2010. On October 12, 2009 the Bank issued a Rights Offering, which includes a Limited Public Offering. If fully subscribed, the offerings will provide $3.5 million in additional capital for the Bank to meet increased regulatory expectations for higher capital levels and to support general corporate purposes.About Treasure State Bank...
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Treasure State Bank Announces Rights Offering

MISSOULA, Mont.--(BUSINESS WIRE)--Treasure State Bank (OTCBB:TRSU - News), a Montana chartered community bank, today announced that it has launched a $2.5 million rights offering pursuant to which holders of its common stock will be entitled to purchase a certain number of additional shares of its common stock at a price of $4.00 per share. The proceeds from the rights offering are expected to be used for general corporate purposes and to meet regulatory expectations for higher capital levels. In the rights offering, stockholders as of August 31, 2009, will be issued, at no charge, a subscription right to purchase .56818 shares of common stock of the Bank for each share of common stock then held by the shareholders at $4.00 per share. Treasure State Bank may also allocate unsubscribed shares under the rights to other shareholders, at $4.00 per share. Fractional shares will not be issued and all fractions will be rounded down. Offering materials, including a prospectus and subscription rights certificates for record holders of common stock, will be mailed on or about October 15, 2009. The rights may be exercised any time before November 17, 2009, 5:00 p.m. Mountain Standard Time, although Treasure State Bank may extend the offering at its discretion. The Bank may also conduct a limited public offering of its shares for those shares unsubscribed in the rights offering, and also may increase such li...
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