Elevations Credit Union Makes Colorado’s First Bank Buy Deal

The $2 billion Elevations Credit Union became the first Colorado cooperative to buy a commercial bank.

The Boulder-based Elevations said Tuesday that it intends to acquire the assets of the $120 million Cache Bank & Trust in Greeley, which specializes in commercial lending.

The credit union did not disclose the financial terms of the proposed acquisition.

Founded in 1996, CBT operates three branches and employs 27 staff members who serve 1,400 to 1,600 customers.

The bank manages deposits of more than $106 million and $14.2 million in capital. CBT posted net income of $276,000, according to its second quarter statements filed with the FDIC.

“We are fulfilling Elevations’ long-term vision of serving northern Colorado, and this will allow us to expand our commercial lending, business banking, consumer banking and mortgage capabilities even further in both Larimer and Weld counties,” Elevations President/CEO Gerry Agnes said in a prepared statement.

Pending regulatory approvals, the purchase deal is expected to finalize during the first quarter of 2020, while the integration of the financial institutions’ operations is expected to be completed in the third quarter.

This is the second credit union bank acquisition in a western state this year. In June, The $1.6 billion Arizona Federal Credit Union in Phoenix said it intends to buy the $236 million Pinnacle Bank in Scottsdale, Ariz., making it the first credit union bank acquisition in the Grand Canyon State.

Since January, there have been 10 other credit union bank buy deals announced, which includes five in Florida, three in Indiana and two in Illinois.