ASPEN, Colo. -- Aspen Bancshares completed the previously reported acquisition of Durango, Colo.-based Centennial Savings Bank for about $17.4 million.

Aspen Bancshares said the transaction will be accounted for as a purchase, and said Centennial Savings will continue to operate under its present name and charter as a unit of Aspen. The company said it expects the transaction to immediately add to its earnings.

Aspen said that on June 30, Centennial Savings had assets of $167 million and shareholders' equity of $13.4 million.

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