US-based Mutual of Omaha Bank has reached an agreement to dispose its five banking branches in Colorado to Denver-based CIC Bancshares for an undisclosed sum.

The branches which are being divested are located in Idaho Springs, Evergreen, Conifer, Nederland and Golden. The transition is expected to conclude in October 2014, subject to regulatory approval and the satisfaction of certain other conditions.

The deposits and loans associated with the branches will be transitioned to Centennial Bank, also operated by CIC Bancshares, according to the terms of the transaction. In addition, employees of the branches will be transferred to Centennial Bank.

Mutual of Omaha Bank west region president John Krusoe said: "Mutual of Omaha Bank is committed to the Colorado market, and, through our new banking center in the Denver Tech Center, we are well-positioned to serve our commercial, mortgage, homeowner association and individual clients."

According to the information available with the Federal Deposit Insurance Corp, Mutual of Omaha manages a network of 43 branches in five states.