Bank of Colorado to acquire New West Bank
New West's branches, one in Greeley and one in Eaton, will give Bank of Colorado 35 branches in its network.
Financial details of the transaction were not disclosed. The acquisition is pending regulatory approval, but is expected to close in April.
New West Bank was opened in 2003 by Leroy Leavitt, who served as president of Wells Fargo in Greeley until 1998. The bank has remained relatively healthy throughout the recession, thanks in part to agricultural lending in Weld County.
As of June 30, New West held 1.77 percent of the market share in Northern Colorado, according to Federal Deposit Insurance Corp. deposit data.
"The agreement with Bank of Colorado seems like a natural fit," Leavitt said in a news release. "Both New West Bank and Bank of Colorado have been and will be operated under a community banking model and both are big believers in giving back to the communities where we are in business. Bank of Colorado's commitment to customer service mirrors the foundation built by New West Bank."
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Rep. Randy Fischer, D-Fort Collins, and Sen. Gail Schwartz, D-Snowmass Village,