A group of Denver investors have formed InBankshares to buy International Bank, Raton, N.M., from Raton Capital Corporation for $46.3 million in cash.
The group, which raised approximately $70 million of common equity, is led by Edward Francis, a bank executive with 30 years of financial institution experience. Previously, he was executive vice president and chief banking officer of Hancock Whitney, a $27 billion financial services company. As chairman, president and CEO, Francis will lead the management team — drawn from the Denver metro area and International Bank’s legacy markets — as they seek to expand the bank’s presence in New Mexico and Colorado.
Other members of the management team are: Dennis Santistevan as chief financial officer/chief operating officer, David Brown as chief risk officer, Jennifer Fulton Anderson as chief administrative officer and Jeff Huckabee as chief information officer. Former CFO/COO, Lana Coffman, will be the chief operations officer for the new organization, which will be headquartered in Denver.
“Each of the co-founding executives have made a personal financial investment into our bank,” Francis said. ““We see the Denver Metro Area as a vibrant and growing market that will benefit greatly from a locally managed community bank. This team of established bankers has deep roots in the business community.”
Founded in 1918, the $320 million bank will continue to operate locations in Raton, Cimarron, Springer and Angel Fire, N.M., and Trinidad and Aurora, Colo., under the International Bank name with plans to expand in the Denver area and additional Front Range markets.
Raymond James & Associates Inc. served as financial adviser and sole placement agent to InBankshares, while Hunton Andrews Kurth LLP served as legal counsel to InBankshares. Fenimore, Kay, Harrison & Ford, LLP served as placement agent’s counsel. GLC Advisers & Co. served as financial adviser and provided a fairness opinion to Raton Capital Corporation, while Lewis Roca Rothgerber Christie LLP served as legal adviser to Raton Capital Corporation.