The Bank Holdings to acquire Section 1031 intermediary firm

The Bank Holdings, the Reno-based parent of Nevada Security Bank, will buy Big Sky Property Exchange, a Bozeman, Mont., company that handles Section 1031 exchanges.

The Bank Holdings will pay $120,000 for Big Sky.

The deal is subject to the approval of the Federal Reserve. With the Fed's approval, Big Sky will operate as a subsidiary of The Bank Holdings.

Big Sky Property Exchange Inc. opened for business in May 2004. It acted as the qualified intermediary in more than 60 Section 1031 exchange transactions last year.

Nevada Security Bank has held the accounts that are created in one of the 1031 exchanges. At the end of last year, Nevada State Bank said the exchange balances of Big Sky totaled about $3 million.

Hal Giomi, chairman of The Bank Holdings, said the acquisition will increase the company's fee income and boost its core deposits.


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