Elevations to acquire assets of Greeley’s Cache Bank & Trust

BOULDER — Elevations Credit Union intends to acquire the assets of Greeley-based community financial institution Cache Bank & Trust, the credit union announced Tuesday afternoon.

“What this does for us is to enhance our geographic expansion into Northern Colorado with a new market in Greeley and strengthen our presence in Fort Collins,” Elevation’s CEO Gerry Agnes told BizWest. “We are also able to expand our small business and commercial banking activities that we’ve been striving for. [The acquisition] really gives us two strategic avenues.”

CBT, which operates in Greeley, Fort Collins and Denver, has nearly $122 million in total assets and nearly $108 million in deposits, according to data from the Federal Deposit Insurance Corp.

The acquisition, expected to close in the first quarter of 2020, will result in a combined organization with $2.2 billion in assets and 141,700 members, according to an Elevations news release. 

Terms of the acquisition were not disclosed, and the deal is dependent on pending regulatory approval.

“They’re obviously a financially strong and well-run organization,” Agnes said of CBT. “But really it’s the people [that attracted Elevations to the bank]. They’ve done an amazing job serving the clients and communities of Greeley and Fort Collins.”

Should the acquisition go through, it would not result in the reduction of CBT’s 27-person workforce. 

CBT’s existing branches will be rebranded as Elevations Credit Union locations. That integration is expected to occur in late 2020.

“We didn’t go into this deal lightly,” CBT CEO Byron Bateman said in a statement. “We know Elevations is best suited to make long-term investments to ensure our customers have the financial solutions that are right for them, and we are confident this will be a great opportunity for all involved.”

Elevations was advised by Howard & Howard Attorneys PLLC as legal counsel for the acquisition deal. CBT was advised by Stinson LLP.

“This would mark the first credit union acquisition of a community bank in Colorado,” Michael Bell, Howard & Howard attorney Michael Bell said in a statement. “Credit union acquisitions of community banks have been accelerating over the past few years, and they have proven to be strategic and smart moves for the combined organizations.”

Agnes said Elevations is focusing its energy on getting the CBT deal approved by regulators and integrating the bank’s operations, rather than chasing additional acquisitions. 

“There’s nothing else we are planning right now,” he said. “…This is our only [merger and acquisition] activity, and this is what we’re focused on.”

This story has been updated to include comments from Elevations Credit Union CEO Gerry Agnes.

BOULDER — Elevations Credit Union intends to acquire the assets of Greeley-based community financial institution Cache Bank & Trust, the credit union announced Tuesday afternoon.

“What this does for us is to enhance our geographic expansion into Northern Colorado with a new market in Greeley and strengthen our presence in Fort Collins,” Elevation’s CEO Gerry Agnes told BizWest. “We are also able to expand our small business and commercial banking activities that we’ve been striving for. [The acquisition] really gives us two strategic avenues.”

CBT, which operates in Greeley, Fort Collins and Denver, has nearly $122 million in total assets and nearly $108 million in deposits, according to data from the Federal Deposit Insurance Corp.

The acquisition, expected to close in the first quarter of 2020, will result in a combined organization with $2.2 billion in assets and 141,700 members, according to an Elevations news release. 

Terms of the acquisition were not disclosed, and the deal is dependent on pending regulatory approval.

“They’re obviously a financially strong and well-run organization,” Agnes said of CBT. “But really it’s the people [that attracted Elevations to the bank]. They’ve done an amazing job serving the clients and communities of Greeley and Fort Collins.”

Should the acquisition go through, it would not result in the reduction of CBT’s 27-person workforce. 

CBT’s existing branches will be rebranded as Elevations Credit Union locations. That integration is expected to occur in late 2020.

“We didn’t go into this deal lightly,” CBT CEO Byron Bateman said in a statement. “We know Elevations is best…