DENVER--(BUSINESS WIRE)--Mutual of Omaha Bank has reached an agreement to sell five Colorado Front Range branches to Denver-based CIC Bancshares, Inc., the companies announced.
Pending receipt of regulatory approval and the satisfaction of certain other conditions, Mutual of Omaha Bank branches in Idaho Springs, Evergreen, Conifer, Nederland and Golden will become branches of Centennial Bank.
The transition, which is expected to occur in October, will be seamless for customers, as deposits and loans associated with the branches will be transitioned to Centennial Bank. It will be business as usual until the transition, and customers will be notified in advance of any changes.
In addition, employees of the impacted branches will transition to Centennial Bank.
The transaction is strategic for both institutions, as Mutual of Omaha Bank focuses on its multi-faceted Banking Center in the Denver Tech Center while CIC is actively building a banking network throughout the Front Range and select Colorado mountain communities.
“Mutual of Omaha Bank is committed to the Colorado market, and through our new Banking Center in the Denver Tech Center we are well-positioned to serve our commercial, mortgage, homeowner association and individual clients,” said John Krusoe, Mutual of Omaha Bank West Region President.
“We are excited about this opportunity to expand our banking network in the Front Range of Colorado and selective Mountain communities,” stated Kevin Ahern, Chairman and CEO of CIC Bancshares, Inc. “Mutual of Omaha Bank has an outstanding reputation for taking care of their customers and employees, and we are committed to continue that tradition. We believe this is a win-win transaction for Mutual and Centennial and we will work together to ensure a smooth and successful transition.”
The five locations included in the transaction were originally acquired by Mutual of Omaha Bank in 2007, when it purchased Peak National Bank of Golden, Colorado.
River Branch Capital LLC served in an advisory capacity to the parties in the transaction.
About Mutual of Omaha Bank
Mutual of Omaha Bank is a full-service bank providing financial solutions to individuals and businesses across the United States. With nearly $7 billion in assets, Mutual of Omaha Bank is a subsidiary of Mutual of Omaha, a Fortune 500 insurance and financial services company founded in 1909. For more information about Mutual of Omaha Bank, visit www.mutualofomahabank.com.
About CIC Bancshares, Inc.
CIC Bancshares, Inc. is a Colorado-based bank holding company focused on acquiring and developing banking and financial services assets in Colorado and the Rocky Mountain West. Our strategy is backed by decades of combined experience in executive management, navigating the regulatory environment, developing and executing capital plans, mergers and acquisitions, and growing and managing bank and other financial services. For more information, please visit www.cicbancshares.com.