Bank of Colorado to close on New West acquisition May 1

GREELEY – Bank of Colorado will close on its acquisition of New West Bank May 1, according to Bank of Colorado President Shawn Osthoff.

Both banks have one branch each in Greeley and Eaton, and Bank of Colorado’s branches will be consolidated into New West’s locations, over the weekend of May 4 and 5, Osthoff said.

All the employees will retain their positions, according to Osthoff.

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Customers of both banks won’t need to change anything, Osthoff said. The acquisition was announced in February.

New West Bank holds about $179 million in assets and has two branches. The bank was opened in 2003 and remained relatively healthy throughout the recession, due in part to agricultural lending in Weld County.

Bank of Colorado is owned by Pinnacle Bancorp, a $7.3 billion, family owned, Nebraska institution established in 1938. It operates 127 community banks in eight states.

Bank of Colorado is one of the largest banks in Northern Colorado, with 6.1 percent of the market and more than $2.3 billion in assets as of Dec. 31.