DENVER - Colorado Business Bankshares said Wednesday that it signed an agreement with First Capital Bank of Arizona to buy the $104 million-asset Phoenix institution for $28.3 million of stock.

The deal, which is expected to close early in the first quarter of 2001, would create a company with assets of $715 million. Susan L. Hermann, director of communications for the $611 million-asset Colorado Business Bankshares, said that First Capital would continue to operate as an independent bank.

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