Bank of Colorado to acquire MontroseBank

FORT COLLINS — Bank of Colorado announced Friday that it has signed an agreement to acquire MontroseBank and its six branches.

Financial details of the transaction were not 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.

“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. “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 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.