Mutual of Omaha Bank has agreed to sell five branches to CIC Bancshares in Denver.

A purchase price was not announced for the deal, which is expected to close in October.

The acquisition allows CIC to strengthen its presence in the Denver metropolitan area. All five branches are located in the far western outskirts of the city.

"We are excited about this opportunity to expand our banking network in the Front Range of Colorado and selective mountain communities," Kevin Ahern, chief executive of CIC, said in a press release Friday.

When the deal closes, the $6.5 billion-asset Mutual of Omaha will only have one branch in Colorado, located in the Denver Tech Center.

CIC Bancshares, which has $470 million in assets, is the parent company of Centennial Bank.

River Branch Capital advised both banks on the deal.

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