Community First Bancshares said Wednesday that it has agreed to buy FNB Inc., Greeley, Colo., in a stock swap deal. The companies would not disclose the terms of the deal, which is expected to close by March 31.

Donald R. Mengedoth, chief executive officer of $4.4 billion-asset Community First, said his company wanted to enter the two fast-growing markets where FNB's two bank subsidiaries are located.

FNB, which has $120 million of assets, owns First National Bank of Greeley and Poudre Valley Bank of Fort Collins.

Mr. Mengedoth said Community First had approached Royce Clark, FNB's chief executive officer, about the possibility of a sale six years ago, but FNB declined.

Community First has three other deals pending in Colorado: It is buying Pioneer Bank of Longmont and Community First National Bank of Thornton and is purchasing seven branches from Banc One Corp. Community First shares closed at $51 on Wednesday, up $1. -Laura Pavlenko Lutton

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.