KOFO Local News

Colorado banking company buys Peoples Bank

Posted in Uncategorized by kofonews on July 1, 2017

OTTAWA — A Colorado-based bank will buy the Peoples Bank holding company. Officials of National Bank Holdings Corporation of Greenwood Village, Colo., and Peoples Bank announced the $143 million deal Wednesday. The purchase will add to the National Bank Holdings’ presence in the Colorado Front Range and the greater Kansas City region, NBH CEO Tim Laney said. “In addition, we believe Peoples brings us one of the strongest retail mortgage banking platforms based within a community bank,” Laney said.. “We expect this transaction will be strongly accretive and will accelerate NBH’s trajectory toward our financial targets,” Peoples, which originated in Ottawa, has banks in the Kansas City area, in Colorado and in New Mexico. “We are very pleased to be joining NBH,´ said Wint Winter Jr., Chairman and CEO of Peoples. “Our family has built Peoples over the past five decades with a focus on caring for our customers, employees and the communities we serve. We found those same values at NBH and are proud to partner with the NBH family.” NBH’s banks in Kansas are known as Bank Midwest. The transaction adds approximately $865 million of assets, $483 million of loans held for investment and $719 million of deposits to the expanded company. The board of directors for both companies have approved the deal and Peoples stockholders have also given their approval. Under the terms of the agreement, Peoples shareholders will receive approximately $36.3 million of cash consideration and approximately 3.4 million shares of NBHh common stock, subject to certain adjustments. The deal must be approved by federal regulators but is expected to close by the end of the year.
Friday, June 30, 10 p.m.

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