Triumph Bancorp has entered into agreements to acquire First Bancorp of Durango and Southern Colorado Corp.
Furthermore, Advance Business Capital – doing business as Triumph Business Capital – inked an asset purchase deal by to buy the transportation factoring assets of Interstate Capital.
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Triumph Bancorp vice chairman and CEO Aaron Graft said: “Collectively, these acquisitions reflect our business strategy of pairing unique commercial finance asset generation with core deposit funding and are expected to generate strong financial results for the company’s stakeholders.”
First Bancorp of Durango, a bank holding company, had total assets of $646m as at 31 December 2017.
The First National Bank of Durango, a wholly-owned community banking subsidiary of First Bancorp of Durango, has four branches in Durango, Colorado and one branch in Bayfield, Colorado.
Its other wholly-owned subsidiary, Bank of New Mexico, serves consumers and businesses from Albuquerque, Gallup and Grants branches of New Mexico.
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By GlobalDataSouthern Colorado is also a bank holding company and had $88m in total assets at the end of December 2017.
Citizens Bank of Pagosa Springs, its wholly-owned community banking subsidiary, has two branches in Pagosa Springs, Colorado.
Following the completion of the acquisitions, The First National Bank of Durango, Bank of New Mexico and Citizens Bank of Pagosa Springs will be merged into the company’s subsidiary bank, TBK Bank.
The resulting entity will operate under the TBK Bank brand name.
The transactions are expected to close during the third quarter of 2018.
