PGC Bancorp., a newly formed holding company based in Greenwood Village, Colo., is buying Durango, Colo.-based TIG Bancorp, the parent of First State Bank of Colorado, the Denver Business Journal reported Jan. 16.
Financial terms of the deal were not disclosed in the report. The deal is expected to close in the second quarter.
SNL valuations for bank and thrift targets in the Southwest region between Jan. 10, 2018, and Jan. 10, 2019, averaged 188.66% of book, 197.09% of tangible book and had a median of 20.64x last-12-months earnings, on an aggregate basis.
TIG Bancorp Chairman and President Gary Webb told the publication that aside from the change in ownership, there will be an investment in technology. Webb will step down from his post following deal completion.
TIG Bancorp has more than $237 million in combined total assets of insured subsidiaries, the publication reported, citing data from the Federal Deposit Insurance Corp. as of Sept. 30, 2018.
TIG Bancorp operates four branches in Delta County, Colo., ranked second with a 19.16% share of approximately $518.0 million in total market deposits. It operates one branch in El Paso County, Colo., ranked No. 31 with a 0.34% share of approximately $8.09 billion in total market deposits. It also operates one branch in Custer County, Colo., ranked first with a 100% share of approximately $62.3 million in total market deposits and also operates one branch in Arapahoe County, Colo.
GLC Advisors & Co. acted as financial adviser for TIG Bancorp.