Colorado-based National Bank Holdings has completed the acquisition of Peoples, Inc., the bank holding company of Colorado-based Peoples National Bank and Kansas-based Peoples Bank, for nearly $146.3m.
At completion, Peoples’ shareholders received nearly $36.2m of cash consideration, of which $10m was placed into escrow as well as 3,398,477 shares of NBH common stock.
As of 30 September 2017, Peoples held assets of $905.4m and deposits of $732.9m.
The acquisition is expected to strengthen National Bank Holdings’ (NBH) presence in multiple regions of Colorado, Kansas and New Mexico.
It also adds a complementary franchise-centric residential mortgage platform to its portfolio.
NBH president and CEO Tim Laney said: “I’m extremely proud of my NBH teammates, including our new teammates from Peoples, for their outstanding teamwork and diligence in bringing this merger across the finish line.
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“The addition of top banking talent we are gaining, paired with the opportunity to expand our presence in new and attractive markets has positioned us very well for strong and continued growth in 2018 and beyond.”
In this transaction, Keefe, Bruyette & Woods served as the financial advisor to NBH, while Wachtell, Lipton, Rosen & Katz offered legal assistance.