Triumph strengthening Colo. operations with deal for family-owned bank
Triumph Bancorp in Dallas has agreed to buy Valley Bancorp to add to its existing operations in Colorado.
The $2.6 billion-asset Triumph did not disclose what it will pay for Valley, a family-owned bank with assets of $314 million and seven branches across Colorado’s northern Front Range. The deal is expected to close in the fourth quarter.
“The O'Dell family has built a remarkable family owned bank that has served their customers and their communities well," Aaron Graft, Triumph’s vice chairman and CEO, said in a press release Wednesday. "We look forward to providing the exceptional service their customers expect, while expanding the product offerings available to them.”
Triumph also said it plans to sell common stock to raise capital to help pay for the deal.
Triumph agreed last month to buy nine branches in Colorado from Independent Bank Group, and last year it bought East Bank & Trust in Lamar, Colo.
Triumph was advised by Wachtell, Lipton, Rosen & Katz as legal counsel. Valley, of Brighton, Colo., was advised by Shapiro Bieging Barber Otteson and GLC Advisors.