Carlile will acquire 100 percent of the common stock of The Bank at Broadmoor, which has four locations in Colorado Springs.
The bank provides services to individuals and businesses primarily in Colorado Springs and has about $172 million in assets.
Bank at Broadmoor President Ed Sauer said the bank had been approached many times over the years with requests for purchase, and that the retirement of founding member Gordon Price drove the recent decision to sell to Carlile, because there was no other succession plan in place.
“Gordon has kids and they didn’t want anything to do with it. I have kids and they didn’t want anything to do with it, so this is the best option,” he said.
Saur also said he’s excited about the opportunity to join a strong company committed to community banking and that the board and management would remain the same for now.
He also said this is Carlile’s first step toward purchasing other banks in Colorado.
They’re going to buy other banks and we’re going to be the main bank,” he said.
Carlile was formed in 2009 and has investment capital of $330 million.
“Our banking history has been focused in community banks much like those of The Bank at Broadmoor,” said Tom Nichols, Chairman and CEO of Carlile in a statement. “We are looking forward to working with the Board, management and staff of The Bank at Broadmoor and to continue their tradition of offering personal, financial, and community service. Our plans are to continue growth through acquisitions in this area.”