We find ourselves in the middle of one of the greatest wealth transfer periods of all time. Those with wealth must decide whether they want to make transfers, and if they do, they must decide how much, to whom, when and in what structure?
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Carlile Bancshares paid $65 million to buy Yuma-based Colorado Community Bank’s parent company, Washington Investment Corp. The purchase price was a two-part transaction totaling $65 million, $35 million cash and $30 million in notes.
Colorado Community Bank has 17 locations in the state, including one at 351 Coffman St. in Longmont. CCB has $485 million in assets. The bank entered Longmont in March 2010 when it acquired Liberty Savings branches there and in Northglenn.
Carlile’s combined assets will be $1.8 billion, with 36 branch locations including 21 in Colorado and 15 in Texas.
Carlile is the parent company of Bank at Broadmoor in Colorado Springs and Northstar Bank of Texas in Denton, Texas.
The deal was announced in May. The Federal Reserve approved the purchase on Dec. 13.