DENVER, Sept. 01, 2022 (GLOBE NEWSWIRE) — National Bank Holdings Corporation (NYSE: NBHC, “NBH” or the “Company”) the holding firm for NBH Bank, introduced that efficient immediately, it has accomplished its beforehand introduced acquisition of Community Bancorporation (“CB”), the holding firm for Rock Canyon Bank, headquartered in Provo, Utah and working within the higher Salt Lake City area. The mixed holding firm will function beneath the National Bank Holdings Corporation identify and the corporate’s headquarters stays in Denver, Colorado.
With the completion of this solely negotiated transaction, NBHC now has roughly $8.0 billion in professional forma whole property, together with $5.3 billion in whole loans, and $6.9 billion in pro-forma whole deposits as of June 30, 2022. In addition, NBHC turns into the #1 third-party SBA mortgage quantity originator within the state of Utah.
Immediately following the closing, Rock Canyon Bank was merged with and into NBH Bank. The integration of the techniques and banking facilities is predicted to happen in October 2022. Until that point, Rock Canyon Bank banking facilities will function beneath the Rock Canyon Bank identify as a division of NBH Bank. After integration, Rock Canyon Bank banking facilities might be branded as Hillcrest Bank, a division of NBH Bank.
“We are pleased to welcome Rock Canyon Bank clients and associates into the NBH Bank family,” mentioned Tim Laney, Chairman, President and CEO of National Bank Holdings Corporation. “We believe our expansion in the fast-growing Salt Lake City and Provo markets will continue to build shareholder value over the long-term. Additionally, it is our intention to leverage the highly successful SBA business platform of Rock Canyon Bank across our regional bank franchise.”
In accordance with the definitive settlement, CB stockholders acquired $16.1 million of money consideration and three.1 million shares of NBHC widespread inventory. The implied whole transaction worth based mostly on closing costs on August 31, 2022, is roughly $140.4 million.
The beforehand introduced acquisition of Bank of Jackson Hole continues to advance, with an anticipated shut and system integration occurring within the 4th quarter of 2022.
BofA Securities, Inc. served as monetary advisor to National Bank Holdings Corporation. Squire Patton Boggs (US) LLP served as authorized counsel for the transaction and Wachtell, Lipton, Rosen & Katz offered regulatory counsel to National Bank Holdings Corporation.
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 subsidiary, NBH Bank, National Bank Holdings Corporation operates a community of 86 banking facilities, serving particular person customers, small, medium and enormous companies, and authorities and non-profit entities. Its banking facilities are situated in its core footprint of Colorado, the higher Kansas City area, Texas, Utah and New Mexico. Its complete residential mortgage banking group primarily serves the financial institution’s core footprint. NBH Bank operates beneath a single state constitution by way 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; and in Texas, Utah and New Mexico, Hillcrest Bank and Hillcrest Bank Mortgage. For just lately acquired banking facilities, NBH Bank will function as Rock Canyon Bank till integration. Additional details about National Bank Holdings Corporation may be discovered at www.nationalbankholdings.com.
For extra data go to: cobnks.com, bankmw.com, hillcrestbank.com or nbhbank.com. Or, observe us on any of our social media websites:
Community Banks of Colorado: fb.com/cobnks, twitter.com/cobnks, instagram.com/cobnks;
Bank Midwest: fb.com/bankmw, twitter.com/bank_mw, instagram.com/bankmw;
Hillcrest Bank: fb.com/hillcrestbank, twitter.com/hillcrest_bank;
NBH Bank: twitter.com/nbhbank;
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This press launch incorporates “forward-looking statements” inside the that means of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include phrases equivalent to “anticipate,” “believe,” “can,” “would,” “should,” “could,” “may,” “predict,” “seek,” “potential,” “will,” “estimate,” “target,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “intend” or related expressions that relate to the Company’s technique, plans or intentions. Forward-looking statements contain sure vital dangers, uncertainties and different elements, any of which may trigger precise outcomes to vary materially from these in such statements. Such elements embody, 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 infrequently in our experiences and paperwork filed with the SEC, and the next elements: capability to acquire regulatory approvals and meet different closing situations to the mergers on the anticipated phrases and schedule; delay in closing the mergers; 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 situations; 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 companies 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 shopper spending, borrowings and financial savings habits; with respect to our mortgage business, the lack to barter charges with buyers 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 notice 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 techniques infrequently with out vital change in shopper service or threat to the Company’s management setting; the Company’s dependence on data expertise and telecommunications techniques of third-party service suppliers and the chance of techniques failures, interruptions or breaches of safety; the Company’s capability to attain 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 business; 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 business; capability to take care of or improve 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 improvement and acceptance of new services and products, together with within the digital expertise area our digital answer 2UniFi; the Company’s continued capability to draw, rent and preserve certified personnel; capability to implement and/or enhance operational administration and different inside 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 overview thereof beneath related regulatory and accounting necessities; widespread pure and different disasters, pandemics, dislocations, political instability, acts of battle or terrorist actions, cyberattacks or worldwide hostilities; a cybersecurity incident, information breach or a failure of a key data expertise system; hostile results as a result of novel Coronavirus Disease 2019 (COVID-19) on the Company and its shoppers, counterparties, staff, and third-party service suppliers, and the hostile impacts on our business, monetary place, outcomes of operations, and prospects; impression of reputational threat; and success at managing the dangers concerned within the foregoing gadgets. The Company can provide no assurance that any aim or plan or expectation set forth in forward-looking statements may 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 replicate occasions or circumstances after the date on which the assertion is made or to replicate the prevalence of unanticipated occasions or circumstances, besides as required by relevant legislation.
Analysts/Institutional Investors: Aldis Birkans, Chief Financial Officer, (720) 554-6640, firstname.lastname@example.org
Media: Jody Soper, Chief Marketing Officer, (303) 784-5925, Jody.Soper@nbhbank.com