Four Corners Community Bank in Farmington, N.M., has agreed to buy Citizens State Bank of Cortez in Colorado.
The companies did not disclose the price that Four Corners will pay for the $80.6 million-asset Citizens State. They expect the transaction to be completed in the second half of the year, pending regulatory approval.
Adding Citizens State's two Cortez branches would give the $221 million-asset Four Corners three branches in Colorado to go along with its four in New Mexico.
"This acquisition will significantly enhance our presence in Cortez and we look forward to better serving the community with expanded operations," said Sheila Mathews, president and chief executive of Four Corners, in the news release Wednesday. "Four Corners is a strong, profitable and well-capitalized community bank that is focused on making loans and building relationships in our markets."
Keefe, Bruyette & Woods provided Four Corners financial advice on the deal; St. Charles Capital advised Citizens State Bank.
Mathews was named one of American Banker's 25 Women to Watch three years ago.