FORT WORTH, Texas, Dec. 31, 2012 /PRNewswire/ -- Carlile Bancshares, Inc. of Fort Worth, Texas finalized the acquisition of Washington Investment Corporation, the parent company of Colorado Community Bank, Yuma, Colorado. Carlile received Federal Reserve approval December 13 th, and closed the transaction on December 28 th. The purchase price was a two part transaction totaling $65 million, $35 million cash and $30 million in notes. Colorado Community Bank has 17 branch locations along the Front Range and eastern Colorado. Colorado Community Bank has total assets of $485 million. Carlile's combined assets will be $1.8 billion, with 36 branch locations, 21 in Colorado and 15 branches located in Texas.
Carlile is the parent company of Bank at Broadmoor, Colorado Springs, Colorado, and Northstar Bank of Texas, Denton, Texas.
Tom C. Nichols, Chairman and CEO of Carlile Bancshares, will become the Chairman and CEO of Washington Investment Corporation and Colorado Community Bank. Patrick Lynch will continue as President. Jerry Bryant, the former Chairman and CEO, retired on December 28.
"This transaction will keep us on track with our strategic plan toward building a larger banking franchise in Colorado," said Nichols. " Colorado's economy is rebounding nicely and we feel community banking is alive and well in Colorado and there are a number of acquisition candidates in Colorado."CONTACT: Don E.Cosby, +1-817-877-4440, email@example.com
SOURCE Carlile Bancshares, Inc.