Bonner’s comments were restricted due to a “silent period” imposed by the Securities and Exchange Commission following NBH’s filing of an S-1, or the first document on the path to an initial public offering, late last year. To read more about the filing, click here.
Bonner said that in order to plan for long-term sustainability in the Colorado market, some short-term personnel consolidations had to be made to eliminate overlap between the two banks. A specific number of layoffs could not be confirmed.
Bank of Choice and Community Banks of Colorado are now sister banks, purchased by NBH in July and October 2011, respectively, after the institutions were declared insolvent by the Federal Deposit Insurance Corp.