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Colorado-based Legacy Bank completes merger with InBankshares unit
Posted: 05/06/2022 |

Wiley, Colo.-based Legacy Bank completed its merger with and into InBank, a subsidiary of InBankshares Corp, effective April 29.

Under the terms of the deal, Greenwood Village, Colo.-based InBankshares is issuing 3,566,345 shares of its common stock and is paying approximately $21.3 million in cash consideration to the shareholders of Legacy Bank in the aggregate, according to a news release.

As of March 31, Legacy Bank had about $484 million in total assets, $306 million in gross loans and $419 million in deposits.

With the addition of Legacy Bank, on a pro forma combined basis, InBankshares would have total assets of approximately $1.2 billion, gross loans of about $787 million and total deposits of roughly $1.0 billion as of March 31. The combined bank will have 19 offices, including 12 full-service offices and two loan production offices in Colorado and five full-service offices in northern New Mexico, according to the news release.

Legacy Bank's systems conversion is planned for the third quarter. Until the systems conversion is complete, the former Legacy Bank branches will operate as Legacy Bank, a Division of InBank.

This article was published by S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.
Wiley, Colo.-based Legacy Bank completed its merger with and into InBank, a subsidiary of InBankshares Corp, effective April 29.
 
Under the terms of the deal, Greenwood Village, Colo.-based InBankshares is issuing 3,566,345 shares of its common stock and is paying approximately $21.3 million in cash consideration to the shareholders of Legacy Bank in the aggregate, according to a news release.
 
As of March 31, Legacy Bank had about $484 million in total assets, $306 million in gross loans and $419 million in deposits.

With the addition of Legacy Bank, on a pro forma combined basis, InBankshares would have total assets of approximately $1.2 billion, gross loans of about $787 million and total deposits of roughly $1.0 billion as of March 31. The combined bank will have 19 offices, including 12 full-service offices and two loan production offices in Colorado and five full-service offices in northern New Mexico, according to the news release.
 
Legacy Bank's systems conversion is planned for the third quarter. Until the systems conversion is complete, the former Legacy Bank branches will operate as Legacy Bank, a Division of InBank.
 
This article was published by S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.