International Bank Acquired by Seasoned Ownership Group of Banking Executives
DENVER (PRWEB) June 27, 2018 -- InBankshares, Corp (“InBankshares”), a newly established bank holding company founded by a group of seasoned banking executives, announced today that it has raised approximately $70 million of common equity and completed the acquisition of Raton Capital Corporation, the bank holding company for New Mexico-based International Bank, for cash consideration of $46.3 million. The transaction was approved by shareholders and bank regulatory authorities. International Bank was founded in 1918 in Raton, New Mexico and currently operates seven branches throughout northern New Mexico and Colorado with approximately $320 million in total assets.
InBankshares is led by Edward Francis, a bank executive with 30 years of financial institution experience, and a senior management team of experienced banking executives from the Denver Metro Area and International Bank’s legacy markets. Previously, Francis was Executive Vice President and Chief Banking Officer of Hancock Whitney, a $27 billion financial services company. As Chairman of the Board, President and Chief Executive Officer for the new organization, Francis will lead the Board of Directors and management team as they seek to expand the bank’s presence in New Mexico and Colorado.
“We are proud to stand on the shoulders of the DiLisio and Moore families who provided the leadership and capital that built the 100-year legacy of International Bank. We plan to expand our presence within the Denver Metro Area and significantly enhance technology and product offerings for our customers. Our timing is fortunate given the disruption happening in the Denver Front Range markets. There is advantage in being a nimble, well-capitalized, relationship-driven community bank,” says Francis, CEO, International Bank and InBankshares. “Our mission to positively impact the lives of our customers, communities and associates will be accomplished by building trusted relationships with our customers, investing in the local communities we serve and providing new opportunities for our associates to grow and succeed within our organization. Certainty of execution for our clients will be our primary focus. Loan decisions in days, not weeks, with concierge service for establishing depository services.”
Former International Bank President, Ron Schmeits, has worked closely with Francis and the senior management team throughout the transition.
“It has been a pleasure to work with Ed Francis and his management team throughout this acquisition process,” says Schmeits. “Our commitment to community banking and customer service is what has built this legacy bank over the last 100 years. The existing personnel along with new staffing will provide the foundation for the next 100 years. As President of International Bank for the last 34 years, it has been personally rewarding to see our people develop and the areas’ banking need being satisfied. This dedication has resulted in major growth for the bank and economic development for the areas served.”
The bank’s new executive management team, which combines over 150 years of expertise in community and regional banking, includes Edward Francis as Chief Executive Officer, Dennis Santistevan as Chief Financial Officer/Chief Operating Officer, David Brown as Chief Risk Officer, Jennifer Fulton Anderson as Chief Administrative Officer and Jeff Huckabee as Chief Information Officer. The management team will focus on customized solutions for customers with innovative, technology-based tools that will improve the onboarding and servicing experience for both commercial and consumer relationships.
A team of senior commercial and private bankers, including Davis Butler, Art Sankey, Brian Kreps, Brett Haigler and Aurora legacy executive, Eric Barnett, join the executive management team. This group will serve as senior commercial team leaders with a plan to build commercial and private banking teams around each of these leaders. Legacy Trinidad executive, Joseph Degarbo, will serve as the Southern Region President and will have responsibility for leading the legacy markets of Raton, Trinidad, Springer, Cimarron, Angle Fire and Red River. Former CFO/COO, Lana Coffman, will be the Chief Operations Officer for the new organization.
“Each of the co-founding executives have made a personal financial investment into our bank, which we believe will provide a unique opportunity for our customers to work with bankers who are owners and are heavily invested in the success of the bank,” says Francis.
The bank will continue to operate locations in Raton, Cimarron, Springer and Angel Fire, New Mexico and Trinidad and Aurora, Colorado under the International Bank name with plans to expand in the Denver Metro Area and additional Front Range markets. The management team believes its strong capital and excess liquidity will uniquely position the company to take advantage of the disruption in Denver and other Front Range markets.
“We see the Denver Metro Area as a vibrant and growing market that will benefit greatly from a locally managed community bank. This team of established bankers has deep roots in the business community. Their expertise in delivering customized solutions to their clients will be a differentiator for us,” says Francis. “With the recent consolidation of community banks in Denver and our exceptionally talented management team, we believe that we have an immense opportunity to build value in the marketplace for many years to come.”
Raymond James & Associates Inc. served as financial adviser and sole placement agent to InBankshares, while Hunton Andrews Kurth LLP served as legal counsel to InBankshares. Fenimore, Kay, Harrison & Ford, LLP served as placement agent’s counsel. GLC Advisers & Co. served as financial adviser and provided a fairness opinion to Raton Capital Corporation, while Lewis Roca Rothgerber Christie LLP served as legal adviser to Raton Capital Corporation.
About International Bank
International Bank is a community bank established in 1918 by a young Italian immigrant, Joe DiLisio, and built upon his entrepreneurial spirit. For 100 years, International Bank has been steadfast in its commitment to meet business and personal needs of its customers in northern New Mexico and Colorado. With a modern vision for the next 100 years, the bank is committed to delivering a new generation of banking services and to the mission of positively impacting the lives of our customers, communities and associates. For more information, visit http://www.InBank.com.
About InBankshares, Corp
InBankshares, Corp is a newly established and well-capitalized bank holding company led by Edward Francis, a 30-year bank industry veteran, and a team of deeply experienced banking executives. InBankshares is the holding company for International Bank, a community bank established in 1918 with branches throughout northern New Mexico and Colorado and expanding in the Denver Metro Area.
Forward-Looking Statements
This press release contains, among other things, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements preceded by, followed by, or that include the words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “projects,” “outlook” or similar expressions. These statements are based upon the current belief and expectations of InBankshares’ management team and are subject to significant risks and uncertainties that are subject to change based on various factors (many of which are beyond InBankshares’ control). Although InBankshares believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, InBankshares can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by InBankshares or any person that the future events, plans, or expectations contemplated by InBankshares will be achieved.
All subsequent written and oral forward-looking statements attributable to InBankshares or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. InBankshares does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.
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Aimee Miller, Aimee Miller Marketing & Communications, http://www.AimeeMillerMarketing.com, +1 (303) 549-9034, [email protected]
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