CIC Bancshares, a newly formed Colorado-based bank holding company, has acquired Centennial Bank located in southeast Denver. The bank was established in 1986 and currently holds $24m in total assets.
Centennial Bank is chartered in Colorado, FDIC insured and a member of the Federal Reserve System.
The new owners also anticipate upgrading the bank’s technology system to provide added convenience and access for customers. In addition, they plan to create local jobs and recruit experienced banking professionals to Centennial Bank, while exploring opportunities to acquire other banks and banking assets throughout Colorado.
Jim Basey, chairman, CEO and president of Centennial Bank, said: “While Centennial Bank has been a successful and well managed operation, we plan to bring additional resources to the bank, providing for planned growth while continuing to deliver quality service to the bank’s existing customers.
“We have added new capital and will focus on offering competitive credit and deposit products to help customers achieve their financial goals, whether it’s growing a business, buying a home or investing in commercial real estate.”
Kevin Ahern, vice chairman of Centennial Bank and vice chairman, CEO and president of CIC, said: “By acquiring Centennial Bank, we have the opportunity to broaden the bank’s reach and services, including a full complement of loan, deposit and online services, benefiting the community where we live and work.
“Since many institutions have restricted credit extensions as a result of the economic decline and the credit performance of their existing loan portfolios, Centennial Bank will help provide much needed credit to business customers along the Front Range.”