State OKs Bank of Colorado’s acquisition of MontroseBank

FORT COLLINS — The Colorado State Banking Board on Thursday approved the Bank of Colorado’s acquisition of MontroseBank and its six branches.

The deal it expected to close Feb. 2 when payment is made, according to a Bank of Colorado spokeswoman. Financial details of the transaction have not been disclosed.

Fort Collins-based Bank of Colorado will add the Montrose-based bank’s branches in Montrose, Cedaredge, Delta, Hotchiss and Paonia to its 37-branch network that includes Fort Collins, Loveland, Estes Park, Windsor and Greeley.

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“The MontroseBank franchise will continue to be operated under the Bank of Colorado community banking philosophy of local management and local control,” said Shawn Osthoff, president of Bank of Colorado, in a prepared statement issued in late October. “The experienced staff of MontroseBank is also a key component of the acquisition.”

MontroseBank has total assets of $234 million.

Bank of Colorado is a $2.6 billion financial institution. It is a subsidiary of Central City, Neb.-based 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.