National Bank Holdings (NBH), parent of NBH Bank, has agreed to acquire Peoples, parent of Colorado-based Peoples National Bank and Kansas-based Peoples Bank, for $143m.
The deal adds about $865m in assets, $483m in loans held for investment, and $719m in deposits to NBH’s books. Peoples also operates a retail mortgage business that originates over $1bn of mortgage loans annually.
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As per the agreed terms of the transaction, shareholders of Peoples will receive around $36.3m in cash and nearly 3.4 million shares of NBH stock.
The deal already secured the nod of both companies’ board of directors and Peoples’ shareholders. The deal is expected to be completed in the fourth quarter of 2017, subject to regulatory approvals.
Peoples will sell or wind down its national mortgage business by the end of this year as part of the deal.
NBH CEO Tim Laney said: “The transaction with Peoples bolsters our presence in our home markets of the Colorado Front Range and the greater Kansas City region. More specifically, the acquisition provides a strong market position in the attractive Colorado Springs and Overland Park markets and expands our franchise into northern New Mexico.
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By GlobalData“In addition, we believe Peoples brings us one of the strongest retail Mortgage Banking platforms based within a community bank. We expect this transaction will be strongly accretive and will accelerate NBH’s trajectory toward our financial targets.”
