Alpine Bank acquires Telluride bank branches
Alpine Bank announced Monday that it plans to acquire First National Bank of Telluride, expanding Alpine Bank’s reach into Telluride, Ouray, Ridgway and Montrose.If the $36 million acquisition deal receives regulatory approval, the First National Bank name could disappear from Telluride and the U.S. 550 corridor by the end of the year, said Alpine Bank Vice-Chairman Dave Scruby. No jobs will be lost in the takeover, he said. The acquisition is Glenwood Springs-based Alpine Bank’s first in its 32 year history, he said, and fits into the bank’s expansion plans “like a glove.”He said the First National Bank branches are contiguous to Alpine Bank’s, and once they bear the Alpine Bank name, they’ll fill a gap between its branches in Durango and Montrose. The acquisition is perfect for Alpine Bank because the two banks’ cultures are similar and Alpine Bank understands how resort towns tick, Scruby said. “Expansion is a tough thing,” he said. “You never know when the opportunities arise, and you have to be ready when they do.” Alpine currently has 29 branches on the Western Slope in cities including Grand Junction, Dillon, Steamboat Springs and Durango. The bank plans to open two or three branches each year for the next several years, Scruby said. In a press release, First National Bank chairman Charles Ferguson said Alpine Bank “truly cares about its communities and its people, and that’s a perfect match for us and the values we hold as an organization.”First National Bank was founded in 1992.
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