Banking & Finance  March 7, 2016

Texas firm to acquire Colorado East Bank & Trust parent

LAMAR — Texas-based Triumph Bancorp Inc. (Nasdaq: TBK) said Monday it has signed an agreement to acquire ColoEast Bankshares Inc., parent company of Lamar-based Colorado East Bank & Trust in a deal worth $70 million in cash.

Colorado East Bank & Trust has 18 branches including operations in Dacono, LaSalle, Mead and Severance.

ColoEast Bankshares Inc. is a bank holding company with $759 million in total assets as of Dec. 31. Its community banking subsidiary, Colorado East Bank & Trust, offers personal checking, savings, certificates of deposit, money market and business accounts, as well as consumer, commercial and mortgage loans.

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Dallas-based Triumph Bancorp, through its subsidiaries, provides banking and commercial finance products to businesses in the United States. The company offers checking, savings and money market accounts, as well as certificates of deposit. Triumph posted net income of $29.1 million in 2015 and return on average assets was $1.89 as of Dec. 31. Total deposits were $1.2 billion at Dec. 31.

Triumph operates 10 branches in the Quad Cities metropolitan area of Iowa and Illinois; seven branches in central and northwestern Illinois; and one branch and one loan production office in northeastern Illinois.

“We are pleased to join a dynamic and entrepreneurial organization with a track record of strong growth,” Stephen A. Sherlock, vice chairman and chief executive of Colorado East Bank & Trust, said in a prepared statement. “By partnering with Triumph, we will be able to offer our customers the same level of prompt, professional and personal service they are accustomed to along with an expanded product offering in support of local economic and civic development in the communities in which we operate.”

According to Aaron Graft, chief executive of Dallas-based Triumph Bancorp, the acquisition is expected to provide immediate and long-term benefits to both organizations

The merger has been unanimously approved by the boards of both banks, and it is expected to close in the third quarter of 2016. Consideration could be reduced to $69 million should ColoEast Bankshares Inc. not achieve certain targets.

 

LAMAR — Texas-based Triumph Bancorp Inc. (Nasdaq: TBK) said Monday it has signed an agreement to acquire ColoEast Bankshares Inc., parent company of Lamar-based Colorado East Bank & Trust in a deal worth $70 million in cash.

Colorado East Bank & Trust has 18 branches including operations in Dacono, LaSalle, Mead and Severance.

ColoEast Bankshares Inc. is a bank holding company with $759 million in total assets as of Dec. 31. Its community banking subsidiary, Colorado East Bank & Trust, offers personal checking, savings, certificates of deposit, money market and business accounts, as well as consumer, commercial and mortgage loans.

Dallas-based Triumph Bancorp,…

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