Bank of Colorado and MontroseBank sign an Agreement
Dennis White, Chairman of MontroseBank in Montrose, along with Sid Dinsdale and Chris Dinsdale, Co-Chairmen of Bank of Colorado, are pleased to announce the signing of an agreement for Bank of Colorado to acquire MontroseBank, Montrose, Colorado and add their six locations to Bank of Colorado.
MontroseBank will become part of Bank of Colorado’s 37-branch network and part of Pinnacle Bancorp’s 131 locations. MontroseBank has total assets of $234 million with two locations in Montrose and one location each in Cedaredge, Delta, Hotchkiss, and Paonia, Colorado.
“We are pleased to add MontroseBank to the Bank of Colorado family and we look forward to continuing the tradition of meeting local needs through our ownership of MontroseBank,” commented Sid Dinsdale.
“The MontroseBank franchise will continue to be operated under the Bank of Colorado community banking philosophy of local management and local control,” President of Bank of Colorado Shawn Osthoff said. “The experienced staff of MontroseBank is also a key component of the acquisition.”
White added, “The agreement with Bank of Colorado is a natural fit. Both banks operate under a community banking model and support the communities which we serve. Bank of Colorado’s commitment to customer service mirrors the foundation built by MontroseBank.”
The transaction is anticipated to close in February of 2015, pending regulatory approval. Financial details of the transaction were not disclosed.
About Bank of Colorado: Bank of Colorado is a $2.6 billion financial institution with 37 branches. Bank of Colorado is a subsidiary of Pinnacle Bancorp, which has been family-owned since 1938 and is an $8 billion financial holding company that operates 130 community banks in eight states. For more information, log onto www.bankofcolorado.com .