A bank that operates locations in Grand Junction and other Western Slope communities has announced an acquisition that will expand its operations in Colorado and Wyoming.
ANB Bank has entered into a definitive agreement to acquire Capital West Bank.
ANB Bank, part of the Sturm Financial Group based in Denver, operates a total of 30 locations in Colorado, Wyoming and Kansas.
Headquartered in Laramie, Wyo., the $160 million Capital West Bank operates a location in that city as well as in Cheyenne, Wyo., and Fort Collins in Colorado.
The aquisition is subject to regulatory and shareholder approval and expected to close during the second half of the year. Following the aquisition, Capital West facilities will become ANB Bank facilities. The purchase will increase ANB Bank assets to more than $2.2 billion.
Vance Wagner, regional president of ANB Bank, said the two operations will fit well together. “A real benefit for our customers in these markets is the complementary nature of both banks’ cultures and of our existing footprint.”
“Our size puts us right in the sweet spot of being big enough to grow with our largest customers, while remaining an independent community bank that cares about helping all our customers move forward,” Wagner added.
Kelso Kelly, chief executive officer of Capital West Bank, said, “We admire ANB’s commitment to true community banking and look forward to combining with a local institution to create one of the strongest, most innovative community banks in our region.”