National Bank Holdings in Greenwood Village, Colo., has finally returned to the acquisition game, by agreeing to buy Pine River Bank in Bayfield, Colo.

The $4.8 billion-asset National Bank will pay $14 million in cash for the $135 million-asset Pine River in a deal that is expected to close in the third quarter. The price is subject to an adjustment tied to the disposition of a single, undisclosed asset. National Bank said it expects “nominal dilution” to tangible book value that should be earned back in less than two years.

"This opportunity is consistent with our focus on strengthening our position in our existing markets and allows us to leverage our capital in a disciplined manner,” Tim Laney, National Bank’s chief executive, said in a press release Friday.

Keefe, Bruyette & Woods and Wachtell, Lipton, Rosen & Katz advised National Bank.  KPMG Corporate Finance and Aab & Botts advised Pine River.

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