Bank of Colorado in Fort Collins announced Friday that it is buying the $234 million-asset MontroseBank in Colorado's western slope.
The acquisition would add six branches to Bank of Colorado's 37-branch network and increase its presence in several mountain communities, including the towns of Montrose, Cedaredge, Delta, Hotchkiss and Paonia. A sale price was not disclosed.
"We are pleased to add MontroseBank to the Bank of Colorado family, and we look forward to continuing the tradition of meeting local needs through our ownership of MontroseBank," said Sid Dinsdale, chairman of the $7.7 billion-asset Pinnacle Bancorp, the multibank holding company that owns Bank of Colorado.
The deal, expected to close in February, is the second announced by a Pinnacle unit in the last month. In mid-October the Central City, Neb., company announced it would buy the $82 million-asset Home State Bank in Louisville, Neb. That deal is expected to close in January.