MidFirst Bank will make its first foray into Colorado with the acquisition of the Denver-based community bank Steele Street Bank & Trust.
Steele Street has three branches in the Denver area and had assets of more than $525 million, deposits of $469 million and about $600 million assets under management as of March 31.
The acquisition will allow MidFirst to expand its footprint into a new state, said MidFirst spokesman Grant Griswold. With the purchase, MidFirst will have branches in Arizona, Oklahoma and Colorado, along with its commercial lending offices in Atlanta, Dallas, Houston, New York and Southern California.
MidFirst on Thursday announced the acquisition, which is expected to close in the first quarter of 2015, subject to shareholder and regulatory approval.
The terms of the sale were not disclosed.
“Our acquisition of Steele Street Bank & Trust allows us to enter one of the most dynamic markets in the country, and one that is deeply rooted within our company’s ownership,” said MidFirst Chairman and CEO Jeff Records in a statement. “We remain committed to our founding vision of providing customers with the best products and service. We are excited to work with one of Colorado’s most respected and valuable banking teams to create rewarding opportunities for Steele Street customers.”