Mountain Parks Financial Corp., a bank holding company, has an agreement to buy $25 million-asset Charter Bancorp of Englewood, Colo., in a stock exchange.
Charter, which owns Charter Bank and Trust Co., is one of the largest independent sellers of single-family residential mortgages in Colorado. In 1995, the bank originated $50 million in single-family mortgages, all of which were sold into the secondary market.
The deal is expected to close in the first half. Terms were not disclosed.
Last year, $443 million-asset Mountain Parks entered into a definitive agreement to acquire Equity Lending Inc., an Edina, Minn., company that originates residential, nonconforming mortgages primarily in the Minneapolis-St. Paul metropolitan area.