Texas-based Triumph Bancorp has completed the acquisition of two community banks namely First Bancorp of Durango and Southern Colorado for an undisclosed amount.
Following the completion of the acquisitions, all First Bancorp of Durango and Southern Colorado subsidiaries will merge their operations into Triumph’s banking unit TBK Bank.
The subsidiaries of First Bancorp of Durango include the First National Bank of Durango and Bank of New Mexico, while Southern Colorado’s wholly-owned banking subsidiary is Citizens Bank of Pagosa Springs.
Triumph vice-chairman and CEO Aaron Graft said: “The addition of The First National Bank of Durango, Bank of New Mexico and Citizens Bank of Pagosa Springs brings the number of TBK Bank branch locations to 61 across six states.
“With these acquisitions, we now have 37 Colorado locations, solidifying our place as one of the top community banks in the state. We also enter New Mexico, a market in which we hope to grow in the future.
“We look forward to providing the exceptional customer service their customers have come to expect, while also bringing the products, services and technology of TBK Bank to their communities.”
First Bancorp of Durango had around $629m in total assets with $271m in loans and $560m in deposits, as of 30 June this year. Southern Colorado had nearly $82m of total assets, $36m in loans and $74m in deposits.