This acquisition will place Centennial Bank in the top ten largest locally headquartered banks in Colorado.
Denver, CO (PRWEB) October 27, 2014
CIC Bancshares, Inc., a Colorado-based holding company and the parent of Centennial Bank, announces the acquisition of five Colorado Front Range branches from Mutual of Omaha Bank, effective at 7 p.m. MST on October 24, 2014. This acquisition will increase the Centennial Bank footprint in Colorado to 14 full-service branch locations, and will increase the bank’s assets to over $725 million. This acquisition will also place Centennial Bank in the top ten largest locally headquartered banks in Colorado. The five acquired branches are located in Conifer, Evergreen, Golden, Idaho Springs, and Nederland.
Employees of the newly acquired branches will become part of Centennial Bank’s team and the branches will do business under and immediately be branded as Centennial Bank.
“Since our formation in 2009, we have been actively building a banking network throughout the Front Range and select Colorado mountain communities,” said Kevin Ahern, founder, chairman and CEO of CIC Bancshares. “This acquisition helps us to expand our footprint and bring the Centennial Bank experience to more businesses and individuals across Colorado.”
Since CIC Bancshares’ founding in 2009, and acquiring Centennial Bank in 2010, the company has raised over $70 million in private capital and grown the bank from one location with $25 million in total assets, into a bank with over $725 million in total assets and 14 total locations across Colorado.
"This acquisition is an opportunity to build on our success as a relationship-based banking organization," says Jim Basey, president and CEO of Centennial Bank. "With these new locations, we will better be able to reach Colorado communities that would benefit from our team of bankers who leverage local knowledge with years of experience in the banking industry.”
As a result of the acquisition, Centennial Bank will operate a total of 14 branches in Colorado, including downtown Denver, Boulder, Centennial, Englewood, Evergreen, and Golden, as well as in the mountain communities of Breckenridge, Conifer, Edwards, Idaho Springs, Nederland, Steamboat Springs, Vail and Winter Park/Fraser.
About CIC Bancshares, Inc.
CIC Bancshares, Inc. is a Colorado-based bank holding company focused on developing banking and financial services assets in Colorado and the Rocky Mountain West. Our strategy is backed by decades of combined experience in executive management, navigating the regulatory environment, developing and executing capital plans, mergers and acquisitions, and growing and managing bank and other financial services businesses. CIC Bancshares, Inc. was developed by Coloradans and for Coloradans. http://www.cicbancshares.com
About Centennial Bank
Centennial Bank is a growing Colorado bank with more than $725 million in assets and a total of 14 branch locations. We provide a full suite of banking and financial solutions for businesses, professionals and consumers in downtown Denver, Boulder, Centennial, Englewood, Evergreen, and Golden as well as in the mountain communities of Breckenridge, Conifer, Edwards, Idaho Springs, Nederland, Steamboat Springs, Vail and Winter Park/Fraser. Centennial Bank is a wholly-owned subsidiary of CIC Bancshares, Inc. For more information, please visit http://www.CentennialBanking.com.