The three-year-old Solera National Bancorp Inc. in Lakewood, Colo., has struck its first acquisition deal.
The $140 million-asset company announced Wednesday that it has entered into an agreement to buy the Lakewood branch of Liberty Savings Bank, a $1.1 billion-asset thrift in Wilmington, Ohio. Along with the branch, Solera is also taking $40 million of deposits and $30 million of loans. The company did not disclose the price. It is expected to close in the fourth quarter.
"This transaction is projected to expand our deposit base by 35% and increase our loan portfolio by 50%, contributing significantly toward our goal of building a premier community bank in the Denver area," said Douglas Crichfield, president and chief executive of Solera. "This transaction was particularly appealing given the close proximity of the Liberty branch to our main office and the expense savings available upon consolidation.