InBankshares (INBC) has entered into a definitive agreement with Legacy Bank to merge the latter with its wholly-owned subsidiary InBank.

The stock and cash transaction will see INBC issue over three million shares of INBC common stock and pay $21.25 million in cash to Legacy Bank shareholders.

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The combined value of the deal stands at approximately $56m, which is subject to change.

Legacy Bank, a Colorado-based community lender, was founded in 1907 and had approximately $497m in total assets, $316m in gross loans and $426m in deposits as of 30 September 2021.

Upon completion, the combined entity will have approximately $1.2bn in assets and serve customers from 19 offices.

InBankshares, Corp & InBank chairman, president & CEO Ed Francis said: “We are excited to announce this partnership that expands upon our commitment to serving the Colorado Front Range and northern New Mexico markets by adding new and important growth markets to InBank’s footprint.

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“The combination will further leverage our significant investment in people, commercial treasury products, and technology while helping position InBank to be the premier locally-owned commercial bank. Legacy is a great fit for us geographically, strategically, financially, and culturally.”

Legacy Bank chairman of the board, president and CEO Dave Esgar said: “Legacy Bank has a long-standing history of service excellence and giving back to its communities. InBank is the right partner to extend and build upon this proud history as a locally-managed community bank.”

The merger, which is subject to approval by federal and state bank regulators, is expected to complete in the second quarter of 2022.