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Elevations Credit Union plans to acquire the assets of Greeley-based Cache Bank & Trust in 2020.
Pending regulatory approval, the acquisition is expected to be completed in the first quarter of next year with full integration of the companies’ operations in the third quarter, according to a news release.
“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,” stated Gerry Agnes, president and CEO of Elevations Credit Union.
“We look forward to our two community-minded institutions coming together to better serve the expanding membership,” Agnes stated.
The combined organization would have approximately $2.2 billion in assets and about 141,700 members.
Cache Bank & Trust has branches in Fort Collins, Greeley and downtown Denver.
Elevations Credit Union has branches in Fort Collins, Loveland, Longmont, Boulder, Louisville, Lafayette and Broomfield.
The deal would mark the first time a credit union has acquired a community bank in Colorado, according to Michael Bell, an attorney with the firm Howard & Howard Attorneys PLLC and an industry expert.
“Credit union acquisitions of community banks have been accelerating over the past few years, and they have proven to be strategic and smart moves for the combined organizations,” Bell stated in a news release.
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Kevin Duggan is a senior columnist and reporter.
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