Triumph Bancorp Agrees To Acquire ColoEast Bankshares For $70 Mln In Cash

(RTTNews) - Triumph Bancorp, Inc. (TBK) Monday said it signed a definitive agreement to acquire ColoEast Bankshares, Inc., parent of Colorado East Bank & Trust, headquartered in Lamar, Colorado in a deal worth $70 million in cash. As per the agreement, the payment by Triumph Bancorp for the common stock of ColoEast Bankshares, Inc. Consideration could be reduced to $69 million should ColoEast Bankshares, Inc. not achieve certain targets.

According to Aaron Graft, CEO Triumph Bancorp, the acquisition is expected to provide immediate and long-term benefits to both the organizations. ColoEast Bankshares, Inc. is a community banking subsidiary, Colorado East Bank & Trust, with 18 branches.

The merger has been unanimously approved by the Boards it is expected to close in the third quarter of 2016.