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.
"We have absolutely no plans to change management," Ms. Hermann said.
Colorado Business Bankshares, the holding company for Colorado Business Bank, said it will change its name to CoBiz Inc. on Dec. 1.