InBank, Legacy merger closes

DENVER — Mile High City-headquartered InBank and Wiley-based Legacy Bank have closed on their merger, creating an institution with $1.3 billion in assets that will serve the Front Range and northern New Mexico.

Under the terms of the merger agreement, InBank is issuing 3,566,345 shares of its common stock and is paying approximately $21.25 million in cash consideration to the shareholders of Legacy in the aggregate, according to a bank news release.

“We would like to welcome Legacy’s customers, associates and shareholders to InBank and InBankshares, Corp. The merger of InBank and Legacy Bank is an extremely exciting opportunity for our two organizations,” InBank CEO Ed Francis said in the release. “The partnership between our banks will allow us to expand the InBank footprint, technology capabilities, product and service delivery, and our commitment to our customers and communities. Our teams are working hard behind the scenes to combine operating systems and planning for a brand transition as Legacy Bank adopts the InBank name at the completion of the conversion process scheduled for the third quarter. We are confident that this transaction will position InBank for significant growth across the Front Range of Colorado with the potential to gain substantial scale, while increasing our market capitalization and improving our earnings power.”

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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.”