The $318
million-asset Mountain Valley said in a press release Friday that it will buy
substantially all the $111 million-asset Cache’s deposits, loans and branches in
Greeley and Fort Collins. Mountain Valley did not disclose the price it will
pay.
The
deal is expected to close in the fourth quarter.
Cache
originally agreed to be sold to Elevations Credit Union in Boulder, Colo., in
September 2019 but Colorado banking regulators blocked the deal.
“We are pleased to add these communities to our Mountain Valley
Bank operations and we are excited to continue delivering the exceptional
customer service the customers of Cache Bank & Trust have always received,” Wade Gebhardt, Mountain Valley’s president,
said in the release.
“Our
companies share the same belief that people are at the center of how we do
business,” Gebhardt added. “The synergy of like beliefs paired with additional
forms and delivery of services will be an added benefit to their customers.”
GLC
Advisors and Lewis Roca Rothgerber Christie advised Mountain Valley. Spierer
Woodward Corbalis Goldberg advised Cache.
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