Community Banks changes ownership

But nothing will really change

A major behind the scenes shift finally concluded last Friday with Community Banks of Colorado, which ultimately transferred ownership in the banking franchise to Bank Midwest, National Association (N.A.) of Kansas City, a subsidiary of NBH Holdings Corp. Community Banks has branches in Crested Butte, Mt. Crested Butte and Gunnison.

Essentially the bank has new ownership but the Community Banks name will remain.
The bottom line is that customers will not notice much if any change as a result of the shake-up. The new Community Banks of Colorado is now simply a division of Bank Midwest, N.A. Accounts come under that umbrella.
The Federal Deposit Insurance Corporation (FDIC) was appointed receiver by the board of governors of the Federal Reserve System last Friday. The FDIC entered into a “purchase and assumption agreement” with Bank Midwest to assume all of the deposits of Community Banks of Colorado.
According to a FDIC press release, as of June 30, 2011, Community Banks of Colorado had approximately $1.38 billion in total assets and $1.33 billion in total deposits. In addition to assuming all of the deposits of the failed bank, NBH Holdings agreed to purchase essentially all of the assets.
Technically, the banks opened Saturday under the new ownership. But accounts remained secure; ATMs and online services remained available; and the hours of operation did not change. If you had a loan with Community Banks, you still have to make your payments on time.
“The bottom line for our customers is that there won’t be any noticeable changes,” said Crested Butte branch president Jeff Buehler. “The personnel will remain the same and our service won’t change. Behind the scenes, it is a positive change for the organization.”
All deposit accounts in the NBH Holdings family of banks (operating under the Bank Midwest, N.A. charter) continue to be insured by the FDIC up to the FDIC limits. The acquisition includes 37 banking centers in Colorado and four banking centers in California.
Community Banks of Colorado was previously owned and operated by Community Bankshares Inc. The NBH family of community banks in Colorado now totals 59 banking centers across the state.
“This acquisition, coupled with our recent acquisition of Bank of Choice, reflects our confidence in Colorado’s future and our commitment to playing a positive role in helping the communities we serve to thrive and prosper,” said Tim Laney, president and chief executive officer of NBH. “Our focus is on delivering common-sense banking services that help individuals and small- and medium-sized businesses achieve their financial goals.”