Newly-formed PGC Bancorporation, Greenwood Village, Colo., is working to buy TIG Bancorp, parent of First State Bank of Colorado, Hotchkiss.
Durango-based TIG was formed two years ago to buy First State Bank from its then-parent Custer Bancorp. The $247 million First State Bank has three branches seven branches in the state.
The original intention behind TIG’s formation and acquisition of First State Bank was to buy other small banks, Chair and CEO Gary Webb told the Denver Business Journal.
“We decided we would test the market and see if anyone was interested in our bank holding company and Christina [Person] was,” Webb said. “It’s a good fit.”
Person leads the investor group behind establishment of PGC Bancorporation.
“We envision expanding First State Bank of Colorado through a focus on modern banking technology for the ever-changing needs of businesses and consumers,” Person said in a release. “PGC will focus on promoting and protecting the local community bank model so that customers in the Bank’s footprint continue to have access to flexible banking solutions.”
The deal is slated to close in the second quarter, and no layoffs are expected from the sale, although Webb will be stepping down from his role.
GLC Advisors & Co. acted as the financial advisor for TIG Bancorp during the transaction.