Triumph Bancorp in Dallas is beefing up in Colorado and expanding into New Mexico with a pair of bank acquisitions.

The $3.5 billion-asset Triumph announced Monday that it has agreed to buy First Bancorp of Durango and Southern Colorado Corp., both of which are headquartered in Inverness, Ill., and share common ownership.

Triumph also said Monday that it would buy the transportation factoring assets of Interstate Capital Corp. through its subsidiary, Triumph Business Capital.

“Collectively, these acquisitions reflect our business strategy of pairing unique commercial finance asset generation with core deposit funding and are expected to generate strong financial results for the company’s stakeholders,” Aaron Graft, vice chairman and CEO of Triumph Bancorp, said in a press release.

"These acquisitions reflect our business strategy of pairing unique commercial finance asset generation with core deposit funding," said Triumph CEO Aaron Graft.

Triumph has built its business model around buying banks in less-expensive markets and then using those deposits to help fuel growth in factoring and other nontraditional business lines. It has acquired two other Colorado banks, Colorado East Bank & Trust and Valley Bank & Trust, since mid-2016.

Prices were not disclosed for the deals, but Triumph also announced Monday that it was raising $175 million through a common stock offering to help pay for them.

The $646 million-asset First Bancorp operates two banking units, First National Bank of Durango and Bank of New Mexico, that combined have seven branches in Colorado and New Mexico.

The $88 million-asset Southern Colorado operates Citizens Bank of Pagosa Springs and has two branches.

The two companies share common ownership of one family, a Triumph spokeswoman said. After the deals are completed, the banks would be merged into Triumph’s TBK Bank and will operate under that brand. The transactions are expected to close in the third quarter.

The transportation factoring assets are substantially all of Interstate's assets, a Triumph spokeswoman said. Interstate would retain its name, operating as a unit of Triumph, after the deal closes in the second quarter.

“Adding Interstate Capital’s team members, processes and business network to Triumph Business Capital creates one of, if not the, strongest transportation factoring platform in the United States,” Graft said in a press release. “We are proud to be associated with trucking, and this transaction specifically furthers our role in meeting the working capital needs of the small business owners who keep America moving forward.”

For the bank acquisitions, Triumph was advised by Wachtell, Lipton, Rosen & Katz as legal counsel and Stephens and Evercore as financial advisers. Sullivan & Cromwell acted as legal counsel and Hovde Group acted as financial adviser to First Bancorp of Durango and Southern Colorado.

For the Interstate deal, Triumph was advised by Wachtell, Lipton, Rosen & Katz as legal counsel. Kemp Smith acted as legal counsel, and Hovde Group and Houlihan Lokey acted as financial adviser to Interstate Capital.

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