National Bank Holdings Corp. (NBHC), a Greenwood, Colorado-based bank holding company, has acquired Community Bancorporation of Provo. Community Bankcorporation is the holding company for Rock Canyon Bank, a community bank with seven branches in Provo, Lehi, Orem, Pleasant Grove and Spanish Fork in Utah County, as well as in Fillmore and St. George.
Under the terms of the agreement, Community Bank shareholders will receive approximately $16.1 million in cash and approximately 3.1 million shares of NBHC common stock, subject to potential adjustments. The transaction has a value of $136 million in the aggregate, based on NBHC’s closing stock price of $38.69 on April 14.
Rock Canyon Bank was founded in 1991 and as of Dec. 31 had $814.3 million in total assets, including $494.2 million in total loans and $736.6 million in total deposits.
When the acquisition closes — expected to be later this year —Rock Canyon Bank will operate as Hillcrest Bank.
“We are pleased to have found a partner in NBH Bank that shares our commitment to serving local businesses by providing highly personalized service that supports our clients’ and our communities’ success,” said Park Roney, president and CEO of Community Bancorporation and chairman of Rock Canyon Bank. “NBH Bank has earned a reputation as an outstanding bank and is our partner of choice.”
“NBH Bank brings us best-in-class banking solutions for our clients and I am looking forward to working alongside their proven and high-energy leadership team as we work to take our performance to the next level,” said Tod Monsen, CEO of Rock Canyon Bank.
With the acquisition, NBHC will have approximately $9.6 billion in assets, including $6.0 billion in total loans and $8.4 billion in total deposits. The totals include the assets of Bancshares of Jackson Hole Inc., a Wyoming banking company that NBHC acquired earlier this year.
Through its bank subsidiary, NBH Bank, National Bank Holdings Corp. operates a network of 81 banks located in its core footprint of Colorado, the greater Kansas City region, Texas, Utah and New Mexico.
“Our focus on expanding NBHC’s presence in high-performing U.S. markets is again demonstrated by the announcement of our intent to acquire Rock Canyon Bank,” said Tim Laney, chairman, president and CEO of NBHC. “Rock Canyon Bank’s highly successful SBA business strategy de-risks the balance sheet, produces strong fee income and is scalable across our franchise. Equally important, this acquisition strengthens our position as a premier regional bank serving the fast-growing Salt Lake City region. Rock Canyon Bank clients will continue to enjoy the exceptional service and local decision- making they have come to expect. They will also benefit from enhanced service offerings, including expanded commercial loan and treasury management solutions.”