Triumph to acquire First Bancorp of Durango, Southern Colorado Corp.
Triumph Bancorp announced that it has signed definitive agreements to acquire First Bancorp of Durango and Southern Colorado Corp. The company also announced the entry into an asset purchase agreement by Advance Business Capital d/b/a Triumph Business Capital to acquire the transportation factoring assets of Interstate Capital Corporation. First Bancorp of Durango is a bank holding company with $646M in total assets as of December 31, 2017. Its wholly-owned community banking subsidiary, The First National Bank of Durango, serves consumers and businesses from four branches in Durango, Colorado and one branch in Bayfield, Colorado. Its wholly-owned subsidiary, Bank of New Mexico, serves consumers and businesses from three branches in Albuquerque, Gallup and Grants, New Mexico. Southern Colorado Corp. is a bank holding company with $88M in total assets as of December 31, 2017. Its wholly-owned community banking subsidiary, Citizens Bank of Pagosa Springs, serves consumers and businesses from its two branches in Pagosa Springs, Colorado. Following the close of the transactions, The First National Bank of Durango, Bank of New Mexico and Citizens Bank of Pagosa Springs will be merged into the company's subsidiary bank, TBK Bank, SSB, with the resulting institution operating under the TBK Bank brand name. These transactions have been unanimously approved by the boards of Triumph Bancorp, First Bancorp of Durango and Southern Colorado Corp., and are subject to customary closing conditions, including receipt of required regulatory approvals. The transactions are expected to close during Q3 of 2018.