Triumph Bancorp, Inc. (today announced that it has signed a definitive agreement to acquire ColoEast Bankshares, Inc., parent of Colorado East Bank & Trust, headquartered in Lamar, Colorado.
ColoEast Bankshares, Inc. is a bank holding company with $759 million in total assets as of December 31, 2015. Its community banking subsidiary, Colorado East Bank & Trust, offers personal checking, savings, CD, money market, HSA, IRA, NOW and business accounts, as well as consumer, commercial and mortgage loans from 18 branches and one loan production office located throughout Colorado and far western Kansas.
"Triumph's acquisition of ColoEast Bankshares, Inc. will provide immediate and long-term benefits to both of our organizations," commented Aaron P. Graft, Vice Chairman and CEO of Triumph Bancorp, Inc. "We are excited to welcome the customers and staff of Colorado East Bank & Trust to the Triumph Bancorp group of companies."
Stephen A. Sherlock, Vice Chairman and CEO of Colorado East Bank & Trust commented, "We are pleased to join a dynamic and entrepreneurial organization with a track record of strong growth. By partnering with Triumph we will be able to offer our customers the same level of prompt, professional and personal service they are accustomed to along with an expanded product offering in support of local economic and civic development in the communities in which we operate."
The definitive merger agreement provides for Triumph Bancorp, Inc. to acquire ColoEast Bankshares, Inc. in an all-cash transaction. Under the terms of the definitive agreement, Triumph Bancorp, Inc. will pay $70 million for the outstanding common stock of ColoEast Bankshares, Inc. Consideration could be reduced to $69 million should ColoEast Bankshares, Inc. not achieve certain targets.
The merger has been unanimously approved by the Boards of Directors of both companies and is subject to customary closing conditions, including approval of the merger agreement by ColoEast Bankshares, Inc. shareholders and receipt of required regulatory approvals. The transaction is expected to close in the third quarter of 2016.