Great Western Bank announced today that it plans to purchase First Community Bank’s Colorado branches for about $20 million.
First Community Bank is a subsidiary of First State Bancorp., based in Albuquerque, New Mexico. The transaction is subject to regulatory approvals but is anticipated to close this summer.
The agreement involves the acquisition of 20 branches located in Boulder (2), Broomfield, Colorado Springs (2), Denver (3), Erie, Fort Collins (2), Lafayette (2), Lakewood, Littleton, Longmont (3), and Louisville (2).
Under the terms of this transaction, Great Western Bank will purchase the 20 branches with about $444 million in selected loans and $477 million in deposits. The acquired lending portfolio excludes around $210 million of real estate construction loans and certain other loans that will be retained by First Community Bank.
On closing of the acquisition, Great Western Bank will have assets of approximately $4.8 billion, with 124 locations serving 77 communities throughout Arizona, Colorado, Iowa, Kansas, Missouri, Nebraska, and South Dakota.