First National Bank of Omaha (FNBO) is purchasing Denver-based InBankshares and its subsidiary InBank in a cash transaction.
The deal will expand the presence of FNBO in Colorado, where it already has 21 existing branches across northern Colorado, including Fort Collins, Boulder, Greeley and Loveland. The nine new InBank branches in Denver, Colorado Springs and southern Colorado will give FNBO 30 branches in the state. Also, FNBO will add four InBank branches in northern New Mexico.
“InBank is strategically and culturally aligned with FNBO and represents an important step in our thoughtful expansion,” Clark Lauritzen, chairman and president of FNBO, said. “Its experienced team, trusted customer relationships and entrepreneurial culture provide a meaningful foundation as we welcome new customers and communities to FNBO.”
InBank is an independent community bank with $1.4 billion in assets. It offers a full suite of commercial, business and personal banking solutions.
“InBank was built with a commitment to delivering highly personalized service, and FNBO shares our belief in authentic relationships, local decision-making and doing what is right for customers and communities,” Ed Francis, founder and CEO of InBank, said. “We believe this next chapter will create new opportunities for our customers and associates while carrying forward the values that have shaped InBank.”
The total value of this transaction is estimated to be between $200 million and $204 million. The closing is subject to customary closing conditions, including the receipt of all required regulatory approvals. The transaction is anticipated to be finalized by the end of the year.
In June, FNBO announced plans to Blue Ridge Bank & Trust in Missouri, which would add eight branches to the bank’s existing footprint in the Kansas City metro area.
FNBO, a subsidiary of First National of Nebraska, has more than $35 billion in assets with primary banking offices in Colorado, Illinois, Iowa, Kansas, Missouri, Nebraska, South Dakota, Texas and Wyoming.