FORT COLLINS — Bank of Colorado and its parent, Nebraska-based Pinnacle Bancorp Inc., announced on Wednesday that they have agreed to acquire AmFirst Bank located in Nebraska and Colorado, a wholly owned subsidiary of AmFirst Financial Services Inc.
Financial details of the transaction were not disclosed. The deal is expected to close in July, pending regulatory approval.
AmFirst Bank has total assets of $260 million, with two location in Colorado — one in Greenwood Village and one at 916 S. Main St. in Longmont. AmFirst also has three locations in Nebraska, including McCook, Hayes Center and Benkelman.
Pinnacle Bancorp has 61 locations in Nebraska as Pinnacle Bank and 39 locations in Colorado as Bank of Colorado. Pinnacle Bank and Fort Collins-based Bank of Colorado will jointly acquire AmFirst Bank’s branches in their respective states.
“We operate under the community-banking model, and we’ll maintain that community-based philosophy for AmFirst Bank through local decision-making and strong customer relationships,” said Shawn Osthoff, president of Bank of Colorado. “We see AmFirst Bank’s staff as a valuable asset, and we look forward to them being a part of our team.”
Bank of Colorado already has a branch in Longmont at 636 Coffman St. Osthoff said he is exploring whether to keep both locations open.
“We’ll see how it goes,” Osthoff said. “AmFirst has a great facility, including a drive-up that we don’t have at our location in downtown Longmont. … and we do like being in downtown Longmont.”
AmFirst Bank’s chairman and chief executive, Van Korell, said his organization has been impressed with Pinnacle Bank’s and Bank of Colorado’s approach to their customers and communities.
“Pinnacle Bancorp is a great organization that will continue to support the development of our communities,” he said.
Family-owned since 1938, Pinnacle Bancorp is a $9.7 billion financial holding company operating 140 community banks in seven states, including Nebraska and Colorado.