A Texas financial institution is moving to purchase a bank with several branches in eastern Colorado and western Kansas. Triumph Bancorp, Inc. of Dallas is set to acquire Colorado East Bank & Trust, reports The Greeley Tribune.
Colorado East Bank & Trust is based in Lamar, and currently has branches in almost 20 rural towns in Colorado and Kansas. In a letter to customers, the president of Colorado East said Triumph is a great fit for the bank. “They are financially strong and committed to keeping community bank branches in Colorado and Kansas,” said Dave Reyher.
Colorado East anticipates that the transaction will be seamless, and you should be able to continue using your existing checks and debit cards. Triumph will pay $70 million in an all-cash transaction for the outstanding common stock in ColoEast, the Colorado East parent company. At the end of last year, ColoEast had almost $800 million in total assets.