Colorado banks InBank, Legacy merge to form $1.2B institution

DENVER — Mile High City-headquartered InBank and Wiley-based Legacy Bank are merging to create an institution with $1.3 billion in assets that will serve the Front Range and northern New Mexico.

Terms of the stock and cash deal were not disclosed, but Legacy brings with it $497 million in assets.

“We are excited to announce this partnership that expands upon our commitment to serving the Colorado Front Range and northern New Mexico markets by adding new and important growth markets to InBank’s footprint,”  InBankshares Corp. (OTCQX: INBC) CEO Ed Francis said in a prepared statement. “Legacy brings an experienced team of bankers and has a similar commitment to serving clients to that of InBank. The combination will further leverage our significant investment in people, commercial treasury products, and technology while helping position InBank to be the premier locally-owned commercial bank. Legacy is a great fit for us geographically, strategically, financially, and culturally. Both banks share the same values, culture, and commitment to our customers, communities, and associates, which should allow for a smooth integration.”

Legacy has branches in Colorado Springs, Pueblo, Pueblo West, Cañon City, Buena Vista, Lamar and Wiley, while InBank operates a loan-production office in Boulder.

InBank has long coveted additional operations in the Boulder Valley and Northern Colorado.

“Our primary focus right now is the [Interstate 25] corridor,” Francis told BizWest in a 2019 interview. “ … It’s going to make a lot of sense for us to take advantage of what’s going on in the northern part of Colorado along that corridor — Fort Collins, Greeley, Boulder, all of those places are attractive to us.”

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