Community Banks branches in Aspen, Basalt, Glenwood Springs, Eagle, Edwards and Avon are among the 16 locations sold to NBH Holdings Corp. of Boston.
It’s the corporation’s second major purchase of troubled banks in Colorado, after its July 22 acquisition of Bank of Choice, a Front Range institution with 17 branches from Fort Collins to Kiowa. Community Banks, held by the Greenwood Village-based Community Bankshares Inc., was under an order that the Federal Reserve Bank of Kansas City issued Jan. 31 to increase its equity or sell out to another bank.
Under the deal announced this week, Community Bankshares will sell 16 of its 35 Community Banks branches, along with the Community Banks name.
The 16 branches sold will continue to operate under the Community Banks name, and staff at the branches are expected to keep their jobs, according to a statement from NBH.
Community Bankshares will retain ownership of 21 other branches, including banks in Rifle, Grand Junction and Montrose. Those banks will have to be renamed under terms of the agreement, but the sales announcement did not include the new name.
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