BOULDER, Colo. – Elevations Credit Union said it is acquiring the assets of Greeley, Colo.-based Cache Bank & Trust. The bank had $121-million in assets as of March 31, reporting net income of $161,000 through the first quarter with ROA of .53%.
“We are fulfilling Elevations’ long-term vision of serving northern Colorado and this will allow us to expand our commercial lending, business banking, consumer banking and mortgage capabilities even further in both Larimer and Weld counties,” said Gerry Agnes, president and CEO of Elevations Credit Union, in a statement. “We look forward to our two community-minded institutions coming together to better serve the expanding membership.”
Cache Bank & Trust, which was chartered in 1996, said it chose to be acquired by Elevations CU “because it’s aligned with CBT’s culture to provide the best, personalized service for its customers, employees and community. They can rest assured that Elevations plans to preserve the local, community-minded culture in Greeley and Fort Collins, while providing even more opportunities for employees and clients.”
The bank’s president and chairman, Byron Bateman, added, “We didn’t go into this deal lightly. We know Elevations is best suited to make long-term investments to ensure our customers have the financial solutions that are right for them, and we are confident this will be a great opportunity for all involved.”
In its statement, Elevations said it remains committed to all members and will only be strengthened by the acquisition of CBT, which has a similar relationship-focused business approach.
The credit union said the acquisition will allow it to expand its presence in northern Colorado and better serve all current members, while resulting in better banking access for CBT’s customers as well.
Michael Bell, an attorney with Michigan-based Howard & Howard, which advised on the acquisition, said the purchase is the first by a credit union of a community bank in Colorado.
The organization said plans call for the acquisition to be finalized in the first quarter of 2020, with a full integration of the two operations in the third quarter of 2020, subject to regulatory approval.
Combined, the organization would have approximately $2.20 billion in assets and 141,700 members.