The merger between the parent companies of Centennial Bank and Millennium Bank, creating a company with $400 million in assets and operating as Centennial Bank, was finalized Tuesday, the banks announced.
Denver-based CIC Bancshares Inc. and Edwards-based Millennium Bancorp announced the pairing in December, a move CIC officials at the time called an effort to create “a critical mass.”
The resulting nine-branch bank serves the Denver-Boulder area and a few “key Colorado mountain communities,” the company said in a statement issued Wednesday.
“Finalizing this merger in today’s marketplace is a true testament to the strength of these two well-established institutions,” said Kevin Ahern, president and CEO of CIC.
Centennial Bank president Jim Basey called the merger “an opportunity to build on our success as a relationship-based banking organization.”
Millennium brought $250 million in assets and branches in Breckenridge, Edwards, Steamboat Springs, Vail and Winter Park/Fraser as well as Englewood. Centennial Bank brought $150 million in assets and a downtown Denver branch at 717 17th St. and in Centennial at East Arapahoe Road and South Potomac Street.
CIC acquired the original Centennial Bank in May 2010 and took it from $24 million in assets to $150 million in just under two years.
Details of the merger were not disclosed.
David Migoya: 303-954-1506, dmigoya@denverpost.com or
