Business Briefs Nov. 3, 2014
Bank of Colorado to acquire MontroseBank
Dennis White, chairman of MontroseBank in Montrose, along with Sid Dinsdale and Chris Dinsdale, co-chairmen of Bank of Colorado, recently signed an agreement for Bank of Colorado to acquire MontroseBank and add the six locations to Bank of Colorado.
MontroseBank will become part of Bank of Colorado’s 37-branch network and part of Pinnacle Bancorp’s 131 locations. MontroseBank has total assets of $234 million with two locations in Montrose and one location each in Cedaredge, Delta, Hotchkiss and Paonia.
“We are pleased to add MontroseBank to the Bank of Colorado family and we look forward to continuing the tradition of meeting local needs through our ownership of MontroseBank,” Dinsdale said.
“The MontroseBank franchise will continue to be operated under the Bank of Colorado community banking philosophy of local management and local control,” President of Bank of Colorado Shawn Osthoff said. “The experienced staff of MontroseBank is also a key component of the acquisition.”
White added, “The agreement with Bank of Colorado is a natural fit. Both banks operate under a community banking model and support the communities which we serve. Bank of Colorado’s commitment to customer service mirrors the foundation built by MontroseBank.”
The transaction is anticipated to close in February of 2015, pending regulatory approval. Financial details of the transaction were not disclosed.
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