SCOTTSBLUFF- Hod Kosman, Chairman, President and CEO of Platte Valley Financial Service Companies, Inc. announced today that Mountain Valley Bank has entered into a definitive agreement to acquire Cache Bank & Trust. The acquisition agreement has been approved by the Boards of Directors of each of Mountain Valley Bank and Cache Bank & Trust but is subject to approval of bank regulators as well as the satisfaction of customary closing conditions. Mountain Valley Bank will acquire substantially all deposits, loans, and the full service locations in Greeley and Fort Collins, Colorado.
Mountain Valley Bank President Wade Gebhardt commented, “We are pleased to add these communities to our Mountain Valley Bank operations and we are excited to continue delivering the exceptional customer service the customers of Cache Bank & Trust have always received. Our companies share the same belief that people are at the center of how we do business. The synergy of like beliefs paired with additional forms and delivery of services will be an added benefit to their customers. Additionally, Mountain Valley Bank customers located in the Front Range will realized the added conveniences of two additional locations.”
Mr. Kosman commented, “We are excited to add two additional full service locations in the Front Range. This expansion will allow us to better serve our growing Colorado customer base with traditional banking services and also expanded services like trust, insurance and investments.”
Byron Bateman, President and CEO of Cache Bank & Trust, added, “Cache Bank & Trust is grateful to the Greeley and Fort Collins communities for their past support. We believe this new agreement with Mountain Valley Bank will be a positive opportunity for our employee team and customers.”
The transaction is expected to close in the fourth quarter of 2021.
GLC Advisors & Co., LLC acted as financial advisor to Mountain Valley Bank and Lewis Roca Rothgerber Christie LLP acted as its legal advisor in the transaction. Spierer Woodward Corbalis Goldberg acted as its legal advisor to Cache Bank & Trust.