The newly formed InBankshares has acquired Raton Capital in New Mexico for $46.3 million in cash.
InBankshare said Wednesday that it has also raised roughly $70 million in common equity. Management hopes to capitalize on recent consolidation in Colorado by expanding in Denver and the Front Range markets.
“With the recent consolidation of community banks in Denver and our exceptionally talented management team, we believe that we have an immense opportunity to build value in the marketplace for many years to come,” Edward Francis, chairman and CEO of InBankshares, said in a press release.
The number of banks headquartered in Denver has dwindled in recent years. Independent Bank Group in McKinney, Texas, announced in May it would buy Guaranty Bancorp, and BOK Financial in Tulsa, Okla., announced this month that it has agreed to acquire CoBiz Financial.
Raton’s banking unit, the $316 million-asset International Bank, has seven branches throughout northern New Mexico and Colorado. InBankshares plans to keep the International name.
Francis previously served as chief banking officer at Hancock Whitney Bank.
Raymond James served as financial adviser and sole placement agent to InBankshares, while Hunton Andrews Kurth served as legal counsel. GLC Advisers served as financial adviser and provided a fairness opinion to Raton Capital, while Lewis Roca Rothgerber Christie served as legal adviser.