Great Western agrees to buy Colorado trust business
Great Western Bancorp has agreed to buy certain trust assets from Independent Bank in McKinney, Texas.
The $12.8 billion-asset Great Western said in a press release Friday that Independent’s Colorado-based trust department has $312 million in assets held in fiduciary or agency capacities. Independent gained the assets after buying Guaranty Bancorp in Denver.
The transaction is expected to close in October. Great Western did not disclose the price it will pay.
Jane Cox, senior trust manager of Independent’s trust department, will join Great Western after the deal closes.
Great Western has about $1.3 billion in assets under administration.
"We are excited to welcome customers from Independent Bank's Trust Department and to provide them with the same excellent level of performance and attention to which they are accustomed,” Ken Karels, Great Western’s chairman and CEO, said in the release.