Latvian payment processing firm SIA Transact Pro’s owners have acquired Colorado National Bank (CNB) for an undisclosed amount.

Transact Pro owner Mark Moskvin will hold majority stake in the bank. His business partner Maxim Yaroshewsky purchased a minority stake.

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The Office of the Comptroller of the Currency awarded regulatory approval last month.

Changes after the deal

Both of them also invested $2m in the bank to enhance its capital position and long term operational safety.

Moskvin said: “Today we finalised a two year process to acquire a bank with over a century of history in its name.

“Our knowledge and experience will help to build innovative new banking services for the bank that will transform it into a modern bank for the 21st century.”

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Both the Transact Pro owners will also join the CNB’s board of directors. Currently, it comprises John Poelker, Guy Rounsaville and William Abernathy, Jr.

Colorado National Bank former president and chief credit officer John Sprengle will continue to serve as a point of contact for CNB’s customers.

Sprengle said: ““CNB will be in great hands going forward, and I thank Mark for the opportunity to continue working with CNB’s fantastic customers and outstanding employees.

“This transaction further strengthens CNB’s ability to continue to provide high-quality banking services to our customers in Palisade and Denver.”

Since 2004, Transact Pro is operating as an electronic financial services provider. It is associated with VISA and Masterсard Worldwide, SEPA and SWIFT.