Brush Creek Partners, Denver, Colo., has acquired 220,000 shares of InBankshares, Corp., and InBank’s common voting stock, for a total investment of $1.8 million. Upon completion of the deal, Brush Creek, a private equity firm, will own a total of 700,000 shares of the bank’s common stock.
“The investment by Brush Creek Partners will add strategic capital to our company as we pursue additional growth opportunities in Denver and across the Front Range,” said Ed Francis, chair, president and CEO for InBankshares.
Brush Creek Partners is led by Kevin Ahern and Scott Maierhofer, who collectively have 70 years of private equity, banking and finance experience as capital partners and operators. Ahern is the former chair, founder and CEO of CIC Bancshares. He was also chair of Centennial Bank before it was acquired by Heartland Financial, Dubuque, Iowa. “We welcome the expertise and market exposure that Kevin, Scott and other investors in Brush Creek Partners will bring to our organization,” Francis said.
Formed in February, the private equity firm has roughly $60 million in capital and has funded three investments since its inception. In the third quarter of 2020, Inbank’s financials showed a 68 percent year-over-year asset growth, and 61 percent growth in core deposits.
“We are very excited about the company, opportunity and ability to be actively involved on the boards of directors of both InBankshares, Corp., and InBank,” Ahern said. “We look forward to partnering with CEO, Ed Francis, and his talented team of professionals, the boards, and other stakeholders in creating long-term value.”