Carlile Bancshares in Fort Worth, Texas, has completed a deal that adds significantly to its branch network in Colorado.
Carlile said Monday that it had completed its purchase of Washington Investment Corp., parent of Colorado Community Bank in Yuma, for $65 million. The $485 million-asset Colorado Community has 17 branches in eastern Colorado and along the state's Front Range.
The combined company has $1.8 billion of assets with 21 branches in Colorado and 15 in Texas. Carlile, which was formed in 2009 to roll up small banks in the Southwest and Colorado, is the parent company of Bank at Broadmoor in Colorado Springs and Northstar Bank of Texas in Denton.
The deal was Carlile's fifth since it was founded by longtime Texas Bankers Tom C. Nichols and Don E. Crosby with about $328 million of capital.
"This transaction will keep us on track with our strategic plan toward building a larger banking franchise in Colorado," Nichols, chairman and chief executive of Carlile, said in a news release. "Colorado's economy is rebounding nicely and we feel community banking is alive and well in Colorado and there are a number of acquisition candidates in Colorado."
Nichols will become chairman and CEO of Washington Investment and Colorado Community. Patrick Lynch will continue as president. Jerry Bryant, the former chairman and CEO of Washington Investment, retired on Friday.
The purchase price included $35 million in cash and $30 million in notes.