Raton, NM–(KRTN)–FFP Group, Inc. and Raton Capital Corporation, the parent bank holding company for International Bank, jointly announced the signing of an Agreement and Plan of Merger under which FFP Group, Inc. will acquire Raton Capital Corporation and its subsidiary bank, International Bank.
Closing of the acquisition, which is expected to occur in the second quarter of 2018, is subject to customary conditions, including regulatory approvals and approval by the shareholders of Raton Capital Corporation.
“We are extremely excited about the opportunity to inherit the legacy of such a strong community bank and we remain deeply committed to the people of the Northern New Mexico and Colorado communities that the bank serves,” said Francis. “We highly value the International Bank employees and believe they will be well-served as part of this proposed merger. In addition, we intend to retain all of the International Bank branches in Northern New Mexico and Southern Colorado and to strategically grow the bank’s footprint in the region. We believe Ron Schmeit’s tenure of nearly 35 years as CEO has set International Bank on course to become a prosperous community bank in Northern New Mexico and Colorado. It is an honor to be part of a bank that has been lifted by the steady shoulders of the DiLisio and Moore families. They have shepherded the bank to success over the past 100 years. We are proud to be joining the International Bank team and setting the course of success for the next 100 years.”
Raton Capital Corporation’s subsidiary, International Bank, was established in 1918 and operates six offices in northern New Mexico and southern Colorado and one office in the Denver Metroplex. At September 30, 2017, International Bank had $321 million in assets, $152 million in loans and $275 million in deposits.
FFP Group, Inc. is led by Ed Francis and a team of experienced senior bank executives. Francis has almost 30 years of banking experience and previously served as Executive Vice President and Chief Banking Officer of Hancock Whitney Bank which serves the Gulf Coast area states. Francis also served on Hancock Whitney Bank’s executive management committee for over ten years and was responsible for leading the retail and commercial divisions for the bank.