GREELEY, Colo. and BOSTON, July 22, 2011 /PRNewswire/ -- Bank Midwest, National Association, a wholly-owned subsidiary of NBH Holdings Corp. (NBH), announced today that it has entered into a purchase and assumption agreement with the Federal Deposit Insurance Corporation ("FDIC") to purchase certain assets and to assume certain deposits and other liabilities of Bank of Choice. Bank of Choice was a state-chartered, commercial bank based in Greeley, Co., and Bank Midwest will continue to operate the acquired branches under the Bank of Choice name.
(Logo: http://photos.prnewswire.com/prnh/20110308/NE60809LOGO-b )
Bank of Choice joins Bank Midwest and Hillcrest Bank in the NBH portfolio of banking institutions, delivering upon NBH's vision of establishing a strong and stable community banking franchise that delivers high-quality, client service and strong, sustainable shareholder results.
"This acquisition is good news for Bank of Choice clients and the communities it serves as we strengthen the bank's capitalization and services in the Colorado marketplace," said Tim Laney, president and chief executive officer of NBH. "Rather than close a door, we've opened a window to new opportunities for our clients, associates and the communities we serve. We are pleased to welcome the Bank of Choice clients and associates to the NBH family."
The Bank of Choice acquisition will include its 17 banking centers in Colorado. With $1.0 billion in total assets and $800 million in deposits, Bank of Choice offers a variety of deposit and credit products to meet the needs of its clients. The bank's focus will be on serving small and medium sized businesses, including agricultural and energy-related businesses, as well as a full menu of banking solutions for individuals.
"Our acquisition of Bank of Choice represents the first of many investments we plan to make in the state of Colorado," said Laney. "We are very impressed with Colorado's economic potential and we are committed to doing our part to help the state be the best it can be."
NBH engaged Keefe, Bruyette and Woods as financial advisor and Wachtell, Lipton, Rosen & Katz as legal advisor for this transaction.
About NBH
NBH Holdings Corp. is a bank holding company created to build a leading community bank franchise delivering high quality client service and strong shareholder results. NBH raised in excess of $1.0 billion through the sale of common stock in a private placement in late 2009, making it one of the best-capitalized holding companies in the U.S. In 2010 NBH acquired two banks in the Kansas City, Mo. market that now make up the company's current community banking assets: Bank Midwest and Hillcrest Bank. Led by a highly experienced and accomplished management team with a successful track record of operating large and complex financial institutions, NBH intends to become a publicly traded bank holding company. For more information on NBH, visit www.nationalbankholdings.com.
Not an Offer. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in any state or jurisdiction.
Forward-Looking Statements. This press release contains forward-looking statements. Any statements about our expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as "anticipate," "believes," "can," "could," "may," "predicts," "potential," "should," "will," "estimate," "plans," "projects," "continuing," "ongoing," "expects," "intends" and similar words or phrases. Accordingly, these statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed in them. Our actual results could differ materially from those anticipated in such forward-looking statements, including as a result of factors outside Bank Midwest or, NBH control, such as economic and other conditions in the markets in which Bank Midwest or NBH operate; inability to complete the transaction announced today; managements' ability to effectively execute their respective business plans; regulatory enforcement actions to which Bank Midwest or, NBH are currently and may in the future be subject; changes in capital classification; changes in the economy affecting real estate values; inability to attract and retain deposits; changes in the level of non-performing assets and charge-offs; changes in the financial performance and/or condition of borrowers; inflation, interest rate, cost of funds, securities market and monetary fluctuations; changes in laws and regulations; and competition. All forward-looking statements are necessarily only estimates of future results, and there can be no assurance that actual results will not differ materially from expectations, and, therefore, you are cautioned not to place undue reliance on such statements. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.
SOURCE NBH Holdings Corp.
Share this article