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Solera National Bank to buy Liberty Savings Bank’s deposits

Solera National Bank has inked a purchase and assumption agreement with Liberty Savings Bank to acquire nearly $12m of customer deposits from its Lakewood, Colorado branch.

Pending receipts of regulatory approval, the transaction is likely to complete during the second quarter of 2013.

Solera National Bancorp president and CEO Douglas Crichfield said, "This transaction will bring approximately 800 new accounts to Solera and is a great fit for our expanding franchise."

The bank said that after completion of transaction its newly acquired customers will enjoy the personalized service as well as various personal and business banking products to meet their needs.

Apart from offering opportunity to capture additional market share through cross-selling of other products and services to new customers, the acquisition will result in 18% increase in core deposits, excluding time deposits in the transaction.

St Charles Capital served as financial advisor; while Fairfield & Woods offered legal counsel to Solera over the deal.

Operating as a wholly-owned subsidiary of Solera National Bancorp, the bank offers customized banking services to its customers.