“Finalizing this merger in today’s marketplace is a true testament to the strength of these two well-established institutions and our ability to raise significant capital," says Kevin Ahern, president and CEO of CIC Bancshares, Inc.
Denver, CO (PRWEB) August 15, 2012
CIC Bancshares, Inc., a Denver-based bank holding company and the parent holding company of Centennial Bank, and Millennium Bancorp, Inc., the parent holding company of Millennium Bank, based in Edwards, Colorado, announce that they completed their merger effective close of business on August 14, 2012. The combination creates a sizable full-service community bank with approximately $400 million in assets and a total of nine branch operations serving the Denver-Boulder area and several key Colorado mountain communities. The combined operation will do business as Centennial Bank.
“We are excited to join forces to form a larger and stronger organization and immediately expand our service offering to our customers,” says Kevin Ahern, president and CEO of CIC Bancshares, Inc. “Finalizing this merger in today’s marketplace is a true testament to the strength of these two well-established institutions and our ability to raise significant capital based on our confidence for ongoing growth and success.”
CIC Bancshares, Inc., the parent holding company of Centennial Bank, was formed in 2009 by experienced banking and financial services executives Kevin Ahern, Richard Bard and Jim Basey. Millennium Bancorp, Inc., the parent holding company of Millennium Bank, formed in 1999, operates Millennium Bank, a community bank with branches in five mountain communities and one in the Denver metropolitan area. Together, the combined organization doing business as Centennial Bank will be a strongly capitalized community bank operating in Colorado.
“We look forward to combining our teams and bringing additional benefits to our customers in the communities we serve,” explains Michael Williams, chief credit officer of Millennium Bank, who will serve as president of the mountain division of Centennial Bank. “Our number one goal is to continue our focus on client relationships and exceeding the expectations of our customers.”
The combined Bank will operate a total of nine branches in Colorado, including downtown Denver, Boulder, Centennial and Englewood, as well as in the mountain communities of Breckenridge, Edwards, Steamboat Springs, Vail and Winter Park/Fraser. Millennium Bank’s branch locations in Englewood and the mountains will immediately be branded as Centennial Bank. Jim Basey will continue as CEO of Centennial Bank and oversee the combined operation.
“The merger is an opportunity to build on our success as a relationship-based banking organization,” says Jim Basey, president and CEO of Centennial Bank. “As a combined organization, we will provide our customers with the same personalized service from our experienced leadership team and community bankers with increased credit capacity and greater products and services.”
About Centennial Bank
Centennial Bank is a full-service community bank focused on providing banking solutions to businesses, professionals and consumers in Colorado. Established in 1986 and acquired by CIC Bancshares, Inc. in 2010, Centennial Bank provides personalized service to customers for their business and personal banking needs with nine locations and approximately $400M in assets. For more information, please visit http://www.CentennialBanking.com.
About CIC Bancshares, Inc.
CIC Bancshares, Inc. is a Colorado-based bank holding company focused on acquiring and developing banking and financial services assets in Colorado and the Rocky Mountain West. The corporation was formed in 2009 by experienced banking and financial services executives Kevin Ahern, Richard Bard and Jim Basey. CIC Bancshares acquired Centennial Bank, a full-service community bank, in 2010 and currently operates the bank as a wholly-owned subsidiary. For more information, please visit http://www.CICBancshares.com.