Texas-based Triumph Bancorp has agreed to acquire Colorado-based ColoEast Bankshares, parent of Colorado East Bank & Trust, in an all-cash deal worth $70m.
Triumph Bancorp said that the consideration could be decreased to $69m if ColoEast Bankshares is unable to achieve certain targets.
As of 31 December 2015, ColoEast Bankshares managed $759m in total assets.
Its community banking division, Colorado East Bank & Trust, operates from 18 branches and one loan production office throughout Colorado and far western Kansas, offering personal checking, savings, CD, money market, HSA, IRA, NOW and business accounts, along with consumer, commercial and mortgage loans.
The deal has already secured the nod of the boards of directors of both companies. It is expected to be completed in the third quarter of 2016, subject to shareholder and regulatory approvals.
Triumph Bancorp vice chairman and CEO Aaron Graft said: "Triumph’s acquisition of ColoEast Bankshares, Inc. will provide immediate and long-term benefits to both of our organizations. We are excited to welcome the customers and staff of Colorado East Bank & Trust to the Triumph Bancorp group of companies."