Denver-based National Bank Holdings Corp. is acquiring the Wyoming-based Bancshares of Jackson Hole, Inc., in a $230 million deal.
The merger is expected to close later this year. National Bank Holdings Corp., holding company of NBH Bank, will have $8.8 billion in assets and $7.7 billion in deposits following the merger. National Bank Holdings Corp. operates 81 banking centers in Colorado, the Greater Kansas City region, Texas, Utah and New Mexico. The $1.6 billion Bank of Jackson Hole has 12 banking centers and $1.5 billion in deposits.
NBH Bank operates under a single charter through different brand names as divisions of the 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. Following the merger, Pete Lawton, chair and CEO of Bank of Jackson Hole, will continue to lead the bank in Wyoming and serve in a leadership position at NBH Bank.
The merger is seen as allowing NBH Bank to expand in a fast-growing, attractive Rocky Mountain region, positioning itself for growth with a major emphasis on commercial and business banking clients. “We are pleased to welcome a high-quality franchise with strong ties to their communities into the NBH family,” said Tim Laney, chair, president and CEO of National Bank Holdings Corp. “Bank of Jackson Hole brings a successful trust business, a deep commitment to the local community and exceptional client service. Together our organizations will offer expanded banking services for our clients, enhanced career opportunities for our associates, and a strong commitment to making a difference in the communities we serve.”
Under the agreement, Bank of Jackson Hole shareholders are expected to receive approximately $53 million of cash consideration and 4.4 million shares of NBH common stock. “The growth potential in the next few years for Bank of Jackson Hole is remarkable,” said Tom Biolchini, president of Bancshares of Jackson Hole, Inc. “Finding the right partner who shares our values and corporate culture was essential in helping us achieve Bank of Jackson Hole’s goals. Our family is elated that we found that partnership in NBH.”
BofA Securities served as financial adviser and Squire Patton Boggs (US) LLP was the legal counsel to National Bank Holdings Corp. For Bancshares of Jackson Hole, D.A. Davidson & Co. served as financial adviser and Fenimore Kay Harrison LLP was legal counsel.