Operations at the First State Bank of Colorado locations in Hotchkiss, Delta, Paonia and Crawford will continue uninterrupted, following the announcement of the bank's parent company with TIG Bancorp.
Customer Bancorp, the holding company for First State Bank of Colorado, announced last week it has entered into an agreement to merge into TIG Bancorp, a newly formed Colorado-based bank holding company. Financial terms of the transaction were not disclosed.
Based on financial results as of June 30, 2017, FSBCO had approximately $220 million in total assets, $188 million in total deposits and $140 million in total gross loans. Following the closing of the transaction, FSBCO will continue to operate under the First State Bank of Colorado brand name through its seven Colorado locations -- the four in Delta County as well as locations in Denver, Fountain and Westcliffe.
TIG Bancorp, formed by a group of regional investors, was established by longtime community banking executives Boyd Hodges and Gary Webb specifically for the purpose of completing a merger with Custer Bancorp. Hodges and Webb have amassed over 60 years of combined community banking experience and have established a reputation for building and growing successful community banking franchises in the western United States -- specifically, in Colorado and Texas.
"I am excited to be a part of the continued growth and success of First State Bank of Colorado," said Boyd Hodges. Hodges previously worked at Olathe State Bank, and in the communities of Leadville, Durango and Wray.
Gary Webb added, "The opportunity to create a regional community bank with deep ties to the larger community presents an exciting opportunity for our investors."
The partnership between TIG Bancorp and FSBCO results in a strategic, cultural and financial fit between two well-known and respected community banking groups in the State of Colorado, and combined, is well-positioned to continue serving FSBCO's customers and communities.
According to Jeffery Walker, president of First State Bank of Colorado, "The opportunity to partner with TIG Bancorp will allow us to continue to serve markets where we currently reside, the ability to grow into new markets, and the ability to accelerate our existing organic growth. The partnership between our two groups will be of minimal impact to the community, the bank, and our employees."
The merger is expected to be completed during the fourth quarter of 2017, subject to regulatory approvals and customary closing conditions, including the approval of Custer Bancorp's shareholders.
First State Bank of Colorado was established in Hotchkiss in 1930. In 2010, FSBCO merged three bank charters (Colorado Mountain Bank, Paonia State Bank and First State Bank of Hotchkiss) to form the current FSBCO franchise of today totaling seven locations in the state of Colorado.