Boulder, Colo.-based Elevations CU intends to buy the assets of Greeley, Colo.-based Cache Bank & Trust.
The financial terms of the deal were not disclosed in the news release.
S&P Global Market Intelligence valuations for bank and thrift targets in the Southwest region between Sept. 3, 2018, and Sept. 3, 2019, averaged 181.19% of book and 185.52% of tangible book and had a median of 13.70x last-12-months earnings, on an aggregate basis.
Elevations CU will expand in Larimer County, Colo., by one branch, which will be ranked no. 23 with a 0.18% share of approximately $7.83 billion in total market deposits. It will enter Denver County, Colo., with one branch to be ranked no. 48 with a 0.02% share of approximately $47.79 billion in total market deposits. The credit union will also enter Weld County, Colo., with one branch to be ranked no. 13 with a 2.10% share of approximately $4.14 billion in total market deposits.
The acquisition is expected to be finalized in the first quarter of 2020, with a full integration of the two operations in the third quarter of 2020. The combined organization would have assets of about $2.20 billion, according to the news release.
Howard & Howard Attorneys PLLC served as Elevations CU's legal counsel. Cache Bank & Trust was advised by Stinson LLP as legal counsel.
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