ANB Bank announced Tuesday it has entered into a definitive merger agreement to acquire Capital West Bank.
The $160 million Capital West Bank, headquartered in Laramie, Wyo., has branches in Laramie, Cheyenne and Fort Collins. The purchase will add to ANB Bank’s presence in Wyoming and will increase the bank’s total assets to over $2.2 billion. The price was not disclosed.
“We think it’s going to fill many niches,” said Lonnie Parsons, president of ANB Bank and Sturm Financial Group. “We didn’t have any locations in the Fort Collins market, and it will enable us to have more presence in Wyoming. It fills in a couple of spots up there. If it was a puzzle, this would be more of a complete picture.
“Our teams of local bankers are decision-makers who craft creative solutions and don’t rely on 1-800 numbers to solve problems,” Parsons added. “Our size puts us right in the sweet spot of being big enough to grow with our larger customers, while remaining a community bank that cares about helping all our customers move forward.”
The acquisition, subject to regulatory and shareholder approval, is expected to close during the second half of 2014, at which time the name of the combined bank will be ANB Bank, Parsons said.
“We admire ANB’s commitment to true community banking and look forward to combining with a local institution to create one of the strongest, most innovative community banks in our region,” Kelso Kelly, CEO of Capital West Bank said in the announcement.
ANB Bank serves both business and individual customers in Colorado, Wyoming and the Kansas City markets.
Its parent company, Sturm Financial Group Inc., is headquartered in Denver.