Dallas-based Triumph Bancorp continues acquisition run in Colorado
BRIGHTON — Triumph Bancorp Inc. (Nasdaq: TBK) announced Thursday that it plans to acquire Valley Bancorp Inc., parent of Valley Bank & Trust, headquartered in Brighton, making it the Dallas-based bank’s third acquisition in Colorado within the last 16 months.
Last month, Triumph Bancorp entered into an agreement to acquire nine branches from Independent Bank Group Inc., the McKinney, Texas-based holding company for Independent Bank. The nine branches are in Evans, Firestone, Johnstown, Longmont, Milliken, Akron, Otis, Sterling and Yuma.
In March 2016, Triumph Bancorp Inc. said it was acquiring ColoEast Bankshares Inc., parent company of Lamar-based Colorado East Bank & Trust in a deal worth $70 million in cash that included Colorado East Bank & Trust’s 18 branches, including operations in Dacono, LaSalle, Mead and Severance.
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Financial terms of the Valley Bancorp deal were not disclosed.
Valley Bancorp had $314 million in total assets as of June 30. Its community banking subsidiary, Valley Bank & Trust, is an independent bank owned by the O’Dell family, with branches in Brighton, Dacono, Westminster, Denver, Hudson, and Strasburg.
Valley Bank & Trust will be merged into TBK Bank, SSB, and operate under the TBK Bank brand.
“When we met with Triumph, I knew right away that this was the perfect fit,” James J. O’Dell, chairman of Valley Bancorp, said in a prepared statement. “Our cultures of values, service and philanthropy are in line with each other. I am excited about the possibilities that lie ahead.”
The transaction has been approved by the boards of directors of both companies and is subject to customary closing conditions, including approval by shareholders. The transaction is expected to close during the fourth quarter of 2017.
