Denver, Colorado-based InBankshares, Corp, parent company of InBank, announced that the merger with Wiley, Colorado-based Legacy Bank was completed effective April 29, 2022.
Under the terms of the merger agreement, the Company is issuing 3,566,345 shares of INBC common stock and is paying approximately $21.25 million in cash consideration to the shareholders of Legacy in the aggregate.
Legacy had approximately $484 million in total assets, $306 million in gross loans and $419 million in deposits as of March 31, 2022. Legacy operates nine full-service offices serving customers in Colorado Springs, Pueblo, Pueblo West, Cañon City, Buena Vista, Lamar, and Wiley, Colorado. With the addition of Legacy, on a pro forma combined basis, INBC would have total assets of approximately $1.2 billion, gross loans of approximately $787 million and total deposits of approximately $1.0 billion as of March 31, 2022. The combined bank will serve customers from 19 offices, including 12 full-service offices and two loan production offices in Colorado, and five full-service offices in northern New Mexico. Legacy’s systems conversion is planned for the third quarter of 2022. Until the systems conversion is complete, the former Legacy branches will operate under the “Legacy Bank, a Division of InBank” brand. Legacy customers will be notified about the official name change to InBank in the coming months.
“We would like to welcome Legacy’s customers, associates and shareholders to InBank and InBankshares, Corp. The merger of InBank and Legacy Bank is an extremely exciting opportunity for our two organizations,” said Ed Francis, Chairman of the Board, President and Chief Executive Officer for InBankshares, Corp and InBank. “The partnership between our banks will allow us to expand the InBank footprint, technology capabilities, product and service delivery, and our commitment to our customers and communities. Our teams are working hard behind the scenes to combine operating systems and planning for a brand transition as Legacy Bank adopts the InBank name at the completion of the conversion process scheduled for the third quarter. We are confident that this transaction will position InBank for significant growth across the Front Range of Colorado with the potential to gain substantial scale, while increasing our market capitalization and improving our earnings power.”
“Legacy Bank has always been committed to our community, customers and associates,” commented
Andrew Trainor, formerly Legacy’s Regional President, now InBank’s President-Community Banking. “We feel confident that we have found a partner that shares a similar culture, and we are excited to help execute on InBank’s strategy together. Our customers will receive the same great personal service from the same team of associates, paired with additional products, new technology offerings, and an expanded geographic footprint with more branch offices.”
About InBankshares, Corp
InBankshares, Corp is the holding company for InBank, an independent commercial bank serving the
Colorado Front Range, southern Colorado and northern New Mexico markets. InBank offers a full suite of commercial, business, personal and mortgage banking solutions with a focus on personalized service, technology and local decision-making. InBank was built on the entrepreneurial spirit and is led by a team of experienced banking professionals committed to the mission of positively impacting the lives of its customers, communities and associates. INBC’s common stock is quoted on the OTCQX marketplace under the symbol “INBC.”
For more information, visit www.InBank.com.
