Community First Bancshares has agreed to buy a Colorado bank holding company-Gunnison-based First National Summit Bankshares-in a stock swap.
Summit is the parent of $88 million-asset First National Summit Bank. The unit has $79 million of deposits and five banking offices in small but growing Rocky Mountain communities such as Crested Butte, home of Crested Butte Ski Area.
Community First, a $4.3 billion-asset company, plans to acquire the company in exchange for 375,000 shares of its common stock. With the stock trading at $39.25 per share when the markets closed Friday, the deal was valued at about $14.7 million.
Upon completion of the deal, Community First's assets in Colorado would total about $1.1 billion.