LONGMONT, Colo.—South Dakota-based Great Western Bank is buying First Community Bank’s 20 Colorado branches, including 10 in Boulder, for about $28 million.
The deal is subject to regulatory approval but should be completed by summer, the companies said.
Under the agreement, Great Western will acquire approximately $444 million in loans and $477 million in deposits from First Community. Not included in the buyout is about $210 million in real estate construction loans and certain other loans, which will be retained by First Community.
First Community Chief Operating Officer Patrick Dee said Wednesday the transition should be a smooth one for customers.
“They’re a big bank. They’re a strong bank,” Dee said. “I think (customers) will be very happy in the long run with the service they receive from the Great Western organization.”
First Community has branches from Fort Collins to Colorado Springs and along the Front Range.
Great Western, based in Sioux Falls, S.D., is a subsidiary of National Australia Bank. Once the acquisition is complete, it will have assets of approximately $4.8 billion, with 124 locations in seven midwestern and western states.
———
Information from: Daily Times-Call,
