GREELEY — With the new year comes new ownership for Greeley-based Cache Bank & Trust, whose sale to Mountain Valley Bank is now complete.
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The deal, approved by the Colorado State Banking Board in October 2021, was finalized last month, according to the board’s monthly bulletin on banking activity across the state.
Financial terms of the all-stock deal have not been disclosed.
Cache was based in Greeley and has a second branch in Fort Collins. Mountain Valley is based in Walden and has one location each in Meeker and Hayden and two in Steamboat Springs.
The new, combined Mountain Valley Bank is part of a multi-state system with some $2 billion in assets. The holding company is Scottsbluff, Nebraska-based Platte Valley Financial Service Cos., which also is present in Nebraska and Wyoming. Nebraska has about half the assets; Wyoming and Colorado the rest.
Cache was seeking a buyer for several years prior to finding a partner in Mountain Valley.
The state banking board in January 2020 denied a bid by Boulder-based Elevations Credit Union to buy it, voting 6-1, with two members absent, against a deal. The board ruled that state law doesn’t allow a credit union to buy a bank.
GREELEY — With the new year comes new ownership for Greeley-based Cache Bank & Trust, whose sale to Mountain Valley Bank is now complete.
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The deal, approved by the Colorado State Banking Board in October 2021, was finalized last month, according to the board’s monthly bulletin on banking activity across the state.
Financial terms of the all-stock deal have not been disclosed.
Cache was based in Greeley and has a second branch in Fort Collins. Mountain Valley is based in Walden and has one location each in Meeker and Hayden and two in Steamboat Springs.
The new, combined Mountain Valley Bank is part of a multi-state system with some $2 billion in assets. The holding company is Scottsbluff, Nebraska-based Platte Valley Financial Service Cos., which also is present in Nebraska and Wyoming. Nebraska has about half the assets; Wyoming and Colorado the rest.
Cache was seeking a buyer for several years prior to finding a partner in Mountain Valley.
The state banking board in January 2020 denied a bid by Boulder-based Elevations Credit Union to buy it, voting 6-1, with two members absent, against a deal. The board ruled that state law doesn’t allow a credit union to buy a bank.
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