Centennial Bank Holdings Inc. on Friday announced an agreement to acquire Foothills Bank through its subsidiary, Guaranty Bank.
Under the terms of the agreement, Centennial will pay $27.5 million in exchange for all of the outstanding common stock and options of Foothills Bank.
Foothills Bank, which is based in Wheat Ridge, operates three branches and had $113 million in assets as of March 31.
John Eggemeyer, chairman and chief executive of Centennial said, “We are very excited about the acquisition of Foothills Bank. Foothills’ reputation as one of the leading business banks on the Front Range is consistent with our vision of continuing Centennial’s transformation into Colorado’s premier independent commercial bank.”
The acquisition, which is expected to close in the fourth quarter, is subject to review by bank regulators and approval of Foothills Bank’s shareholders.
Centennial Bank Holdings Inc., is a multibank holding company with $2.4 billion in assets as of Dec. 31. The company has three Colorado banking subsidiaries: Centennial Bank of the West, Guaranty Bank and Trust Co., and Collegiate Peaks Bank.
