Carlile Bancshares of Fort Worth, Texas, has completed the acquisition of Washington Investment, the parent company of Colorado Community Bank.
It was a two part deal totaling $65m and $35m in cash and $30m in notes.
Based on the terms of the agreement, Carlile Bancshares chairman and CEO Tom Nichols assumea the role of the chairman and CEO of Washington Investment Corporation and Colorado Community Bank.
Commenting on the deal, Nichols said, "This transaction will keep us on track with our strategic plan toward building a larger banking franchise in Colorado."
With total assets of $485m, Colorado Community Bank manages a network of 17 branches along the Front Range and eastern Colorado.
Following the completion of the acquisition, Carlile’s combined assets is $1.8bn, with 36 branch offices including 21 in Colorado and 15 in Texas.
Carlile is the parent company of Bank at Broadmoor, Colorado Springs, Colorado, and Northstar Bank of Texas, Denton, Texas.