DENVER, Oct. 03, 2022 (GLOBE NEWSWIRE) — National Bank Holdings Corporation (the “Company” or “NBHC”), the holding firm for NBH Bank, introduced as we speak that it has accomplished its beforehand introduced acquisition of Bancshares of Jackson Hole Incorporated (“BOJH”), the holding firm for Bank of Jackson Hole with operations in Jackson Hole, Wyoming and Idaho. The mixed holding firm will function underneath the National Bank Holdings Corporation title, and the Company’s headquarters stays in Denver, Colorado.
With the completion of this solely negotiated transaction and the beforehand introduced acquisition of Community Bancorporation on September 1, 2022, NBHC now has roughly $9.7 billion in professional forma property, together with $6.5 billion in complete loans, $8.5 billion in complete deposits and $676 million in property underneath administration as of June 30, 2022.
Immediately following the closing, considerably all of the property of Bank of Jackson Hole have been assumed by NBH Bank with the belief and wealth business retained on the Wyoming-chartered Bank of Jackson Hole, which has been renamed Bank of Jackson Hole Trust. The integration of the programs is predicted to happen in late 2022.
“We are pleased to welcome Bank of Jackson Hole clients and associates into the NBH Bank family,” stated Tim Laney, Chairman, President and CEO of National Bank Holdings Corporation. “We look forward to serving clients in the beautiful and vibrant Jackson and surrounding communities as well as the fast growing Boise market served today by Bright Bank. The addition of trust and wealth services enables us to offer a comprehensive financial solution that helps our clients build wealth and leave a legacy. It is our intention to leverage the trust and wealth management offering across our banking franchise.”
In accordance with the definitive settlement, BOJH stockholders acquired roughly $45.5 million of money consideration and roughly 4.4 million shares of NBHC frequent inventory. Of the shares issued, 231,317 shares of NBHC frequent inventory are being held in escrow to assist sure indemnification obligations underneath the merger settlement. NBHC additionally paid roughly $5.5 million in possibility cancellation funds to the holders of BOJH inventory choices. The implied complete transaction worth based mostly on the September 30, 2022 closing worth, is roughly $213.4 million.
BofA Securities, Inc. served as monetary advisor to National Bank Holdings Corporation. Squire Patton Boggs (US) LLP and Wachtell, Lipton, Rosen & Katz served as authorized counsel for the transaction.
About National Bank Holdings Corporation
National Bank Holdings Corporation is a financial institution holding firm created to construct a number one group financial institution franchise delivering prime quality shopper service and dedicated to stakeholder outcomes. Through its financial institution subsidiaries, NBH Bank and Bank of Jackson Hole Trust, National Bank Holdings Corporation operates a community of 98 banking facilities, serving particular person shoppers, small, medium and enormous companies, and authorities and non-profit entities. Its banking facilities are situated in its core footprint of Colorado, the larger Kansas City area, Utah, Wyoming, Texas, New Mexico and Idaho. Its complete residential mortgage banking group primarily serves the financial institution’s core footprint. Its belief business is operated underneath its core footprint underneath the Bank of Jackson Hole Trust constitution. NBH Bank operates underneath a single state constitution by means of the next model names as divisions of NBH Bank: in Colorado, Community Banks of Colorado and Community Banks Mortgage; in Kansas and Missouri, Bank Midwest and Bank Midwest Mortgage; in Texas, Utah and New Mexico, Hillcrest Bank and Hillcrest Bank Mortgage; and in Wyoming, Bank of Jackson Hole and Bank of Jackson Hole Mortgage. For the not too long ago acquired banking facilities in Utah and Idaho, NBH Bank will function as Rock Canyon Bank and Bright Bank, respectively, till integration. Additional details about National Bank Holdings Corporation might be discovered at www.nationalbankholdings.com.
For extra info go to: cobnks.com, bankmw.com, hillcrestbank.com, bankofjacksonhole.com, or nbhbank.com. Or join with any of our manufacturers on LinkedIn.
Forward-Looking Statements
This press launch comprises “forward-looking statements” throughout the that means of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include phrases comparable to “anticipate,” “believe,” “can,” “would,” “should,” “could,” “may,” “predict,” “seek,” “potential,” “will,” “estimate,” “target,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “intend” or comparable expressions that relate to the Company’s technique, plans or intentions. Forward-looking statements contain sure essential dangers, uncertainties and different elements, any of which may trigger precise outcomes to vary materially from these in such statements. Such elements embrace, with out limitation, the “Risk Factors” referenced in our most up-to-date Form 10-Ok filed with the Securities and Exchange Commission (SEC), different dangers and uncertainties listed sometimes in our experiences and paperwork filed with the SEC, and the next elements: difficulties and delays in integrating the NBHC, Community Bancorporation, and Bancshares of Jackson Hole Incorporated companies or absolutely realizing price financial savings and different advantages; business disruption following the proposed transactions; capability to execute our business technique; business and financial circumstances; results of any potential authorities shutdowns; financial, market, operational, liquidity, credit score and rate of interest dangers related to the Company’s business; results of any adjustments in commerce, financial and monetary insurance policies and legal guidelines; adjustments imposed by regulatory businesses to extend capital requirements; results of inflation, in addition to, rate of interest, securities market and financial provide fluctuations; adjustments within the economy or supply-demand imbalances affecting native actual property values; adjustments in client spending, borrowings and financial savings habits; with respect to our mortgage business, the shortcoming to barter charges with traders for the acquisition of our loans or our obligation to indemnify purchasers or repurchase associated loans; the Company’s capability to determine potential candidates for, consummate, combine and understand working efficiencies from, acquisitions, consolidations and different enlargement alternatives; the Company’s capability to comprehend anticipated advantages from enhancements or updates to its core working programs sometimes with out important change in shopper service or threat to the Company’s management setting; the Company’s dependence on info expertise and telecommunications programs of third-party service suppliers and the chance of programs failures, interruptions or breaches of safety; the Company’s capability to realize natural mortgage and deposit progress and the composition of such progress; adjustments in sources and makes use of of funds; elevated competitors within the monetary companies trade; the impact of adjustments in accounting insurance policies and practices; the share worth of the Company’s inventory; the Company’s capability to comprehend deferred tax property or the necessity for a valuation allowance; the results of tax laws, together with the potential of future will increase to prevailing tax guidelines, or challenges to our place; continued consolidation within the monetary companies trade; capability to keep up or enhance market share and management bills; prices and results of adjustments in legal guidelines and rules and of different authorized and regulatory developments; technological adjustments; the well timed growth and acceptance of new services, together with within the digital expertise house our digital resolution 2UniFi; the Company’s continued capability to draw, rent and keep certified personnel; capability to implement and/or enhance operational administration and different inner threat controls and processes and reporting system and procedures; regulatory limitations on dividends from the Company’s financial institution subsidiary; adjustments in estimates of future credit score reserve necessities based mostly upon the periodic evaluation thereof underneath related regulatory and accounting necessities; widespread pure and different disasters, pandemics, dislocations, political instability, acts of warfare or terrorist actions, cyberattacks or worldwide hostilities; a cybersecurity incident, information breach or a failure of a key info expertise system; hostile results as a result of novel Coronavirus Disease 2019 (COVID-19) on the Company and its shoppers, counterparties, workers, and third-party service suppliers, and the hostile impacts on our business, monetary place, outcomes of operations, and prospects; affect of reputational threat; and success at managing the dangers concerned within the foregoing gadgets. The Company may give no assurance that any objective or plan or expectation set forth in forward-looking statements might be achieved and readers are cautioned to not place undue reliance on such statements. The forward-looking statements are made as of the date of this press launch, and the Company doesn’t intend, and assumes no obligation, to replace any forward-looking assertion to mirror occasions or circumstances after the date on which the assertion is made or to mirror the prevalence of unanticipated occasions or circumstances, besides as required by relevant regulation.
Contact:
Analysts/Institutional Investors: Aldis Birkans, Chief Financial Officer, (720) 554-6640, [email protected]
Media: Jody Soper, Chief Marketing Officer, (303) 784-5925, [email protected]
