The Bank Holdings Announces Definitive Agreement to Acquire Exchange Company.

Publication: Business Wire

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COPYRIGHT 2006 Business Wire

RENO, Nev. -- The Bank Holdings (NASDAQ: TBHS), along with Granite Exchange, LLC of Roseville, Calif., announced the execution of a definitive agreement through which Granite Exchange, LLC will be merged into Granite Exchange Inc., a subsidiary of The Bank Holdings, in a cash transaction valued at $5.2 million. Granite Exchange and its subsidiary, AllStar Exchange Services LLC, are "qualified intermediaries" facilitating tax-deferred real estate exchanges under Section 1031 of the Internal Revenue Code and operating primarily in Northern California. The transaction is subject to the approval of the Federal Reserve and is expected to close during March 2006.

Granite Exchange opened for business in 1996 and has grown from a few exchanges during that first year to over 1,100 in 2005. Granite Exchange activities will continue under...

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