Colorado-based Guaranty Bancorp, the parent of Guaranty Bank and Trust Company, has agreed to merge with local rival Home State Bancorp, the parent of Home State Bank, in a deal worth about $133.7m.
Following the closing of the deal, Home State Bank will be merged into Guaranty Bank and Trust Company.
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The combined entity will manage nearly $3.3bn in total assets, $2.5bn in total deposits and $2.3bn in total gross loans.
Shareholders of Home State Bancorp will receive aggregate cash consideration of $35m and 6,533,914 common shares of Guaranty Bancorp in the transaction.
Guaranty Bancorp president and CEO Paul Taylor said: "Together, our customers will benefit from an expanded branch network, a broader selection of products and services, and our increased lending capacity to help them reach their financial goals."
Paul Taylor will continue to serve as Guaranty Bancorp’s president and CEO as well as CEO of Guaranty Bank and Trust Company, while Harry Devereaux will serve in an executive role in the combined entity.
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By GlobalDataThe merger has already secured the nod from the boards of directors of both firms.
The deal is expected to close in mid- 2016, subject to regulatory and shareholder approval.
