CoBiz Inc., which until today was Colorado Business Bankshares, now owns an Arizona bank and an insurance agency in its home city of Denver along with a new name.
Late last week the $740 million-asset holding company for Colorado Business Bank announced it had wrapped up its deal to buy First Capital Bank of Arizona in Phoenix, its first property outside Colorado. When the deal was announced Oct. 25, Colorado Business said it would pay $28.3 million in stock for the $104 million-asset company.
The expansion out of state is one reason Colorado Business Bankshares changed its name.
The company said it spent $780,000 to buy Milek Insurance Services, whose shareholders received 44,763 shares of CoBiz stock in the pooling-of-interests transaction. The agency, now CoBiz Insurance Inc., will provide casualty, commercial, and personal property insurance, as well as risk-management consulting services to businesses.
CoBiz also owns CoBiz Private Asset Management, which provides investment services, and CoBiz Connect Inc., which provides employee benefits consulting and brokerage services.