ANB Bank in Denver has reached an agreement to acquire Wyoming-based Capital West Bank, as part of its strategy to strengthen its footprint in the region.
Following completion of the transaction during the second half of 2014, which is pending regulatory and shareholder approvals, the integrated entity will be rebranded as ANB Bank and will have $2.2bn in total assets.
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Capital West Bank manages branch offices in Fort Collins and Wyoming, and has approximately $160m in assets. The bank had a net income of $335,000 at the end of 2013.
Capital West CEO Kelso Kelly was quoted by coloradoan.com as saying that "Their entry into Northern Colorado is something strategically they’ve been wanting to do, that’s a benefit for ANB."
"They are larger and have more capabilities that will come to our customer base that they’ll enjoy related to technology and a larger lending limit," Kelly told the publication.
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