FNBO to acquire Inbank in $200M deal, expand Colorado footprint

OMAHA, Nebraska, and DENVER — FNBO plans to acquire Denver-based InBank in a cash deal valued at an estimated $200 million to $204 million, enabling Omaha-based FNBO to expand its Colorado branch network by almost 50%.

First National Bank of Nebraska Inc., parent of First National Bank of Omaha, and InBankshares Corp. announced the deal Wednesday. The transaction is subject to regulatory approval, which is expected by the end of the year.

The acquisition would add nine bank branches along Colorado’s Front Range to FNBO’s existing 21 Colorado locations. FNBO already operates branches throughout the Boulder Valley and Northern Colorado.

The deal represents the latest example of consolidation in the state’s banking industry. In January, Pittsburgh-based PNC Financial Services Group Inc. completed its $4.1 billion acquisition of Lakewood-based FirstBank Holding Co., one of Colorado’s largest homegrown banks. The transaction more than tripled PNC’s Colorado branch network to about 120 locations.

Post acquisition, FNBO would operate 30 branches across Colorado, while also adding four InBank locations in northern New Mexico.

“InBank is strategically and culturally aligned with FNBO and represents an important step in our thoughtful expansion,” Clark Lauritzen, chairman and president of FNBO, said in a written statement. “Its experienced team, trusted customer relationships and entrepreneurial culture provide a meaningful foundation as we welcome new customers and communities to FNBO.”

InBank, a subsidiary of publicly traded InBankshares Corp. (OTC: Pink: INBC), has about $1.4 billion in assets and operates as an independent community bank serving the Colorado Front Range, southern Colorado and northern New Mexico.

InBank founder and CEO Ed Francis said the combination would provide additional opportunities for the bank’s customers and employees.

“InBank was built with a commitment to delivering highly personalized service, and FNBO shares our belief in authentic relationships, local decision-making and doing what is right for customers and communities,” Francis said in a written statement.

Under the merger agreement, InBankshares shareholders could receive a special dividend immediately before the transaction closes, as well as cash for their shares at closing.

InBankshares estimated that its common shareholders would receive total consideration of $200 million to $204 million, or about $16.41 to $16.74 per share. Final amounts will depend on InBankshares tangible equity when the transaction closes.

The deal represents the latest expansion for FNBO this year. In June, the bank announced the acquisition of Blue Ridge Bank & Trust of Missouri, adding eight branches to its Kansas City-area operations.

InBank branches are expected to be rebranded as FNBO locations, with customers converted to FNBO systems, during the second half of 2027.

FNBO ranks as one of the nation’s largest privately held banks. Its parent company and affiliates have about $35 billion in assets and more than 4,500 employees.

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