Bank of Colorado has announced plans to acquire MontroseBank and its six Western Colorado locations.
Executives with the two banks have signed an agreement. Pending regulatory approval, the transaction is expected to close in February. The financial terms of the deal were not disclosed.
“We are pleased to add MontroseBank to the Bank of Colorado family, and we look forward to continuing the tradition of meeting local needs through our ownership of Montrose Bank,” said Sid Dinsdale, co-chairman of Bank of Colorado.
MontroseBank operates two locations in Montrose and one location each in Cedaredge, Delta, Hotchkiss and Paonia. The bank has total assets of $234 million.
“The experienced staff of MontroseBank is also a key component of the acquisition,” said Shawn Osthoff, president of Bank of Colorado.
“The MontroseBank franchise will continue to be operated under the Bank of Colorado community banking philosophy of local management and local control,” Osthoff added.
Dennis White, chairman of MontroseBank, called the acquisition by Bank of Colorado a “natural fit.”
“Both banks operate under a community banking model and support the communities we serve,” White said. “Bank of Colorado’s commitment to customer support mirrors the foundation built by MontroseBank.”
The acquisition of MontroseBank and its locations will add to the 37 branches Bank of Colorado already operates.
Bank of Colorado has assets of $2.6 billion and is a subsidiary of Pinnacle Bancorp., a family owned $8 billion financial holding company that operates a total of 130 community banks in eight states.