DALLAS — Aug. 01, 2016 — Triumph Bancorp, Inc. (Nasdaq:TBK) (the “Company”), the parent company of TBK Bank, SSB, today announced the completion of its acquisition of ColoEast Bankshares, Inc. (“ColoEast”). Simultaneously with the closing of the acquisition, ColoEast’s wholly-owned bank subsidiary, Colorado East Bank & Trust, merged with and into the Company’s wholly-owned bank subsidiary, TBK Bank, SSB. At June 30, 2016, ColoEast had approximately $753 million of total assets, $464 million of loans and $659 million of deposits.
Pursuant to the terms of the definitive agreement, the Company paid $70 million in cash for the outstanding common stock of ColoEast. The transaction is expected to be immediately accretive to the Company’s diluted earnings per common share.
“We are pleased to complete the acquisition of ColoEast,” Aaron P. Graft, vice chairman and chief executive officer of Triumph Bancorp, Inc., stated. “We are proud to expand our operations into Colorado and Western Kansas, while gaining a large number of talented bankers with expertise that will enhance our community banking operations. This acquisition will improve our deposit mix, materially increase our operational efficiency, deploy our excess capital, and diversify our loan portfolio.”
Posted in Triumph Bancorp