| CIC Bancshares and Millennium Bancorp Agree to Merge |
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FOR IMMEDIATE RELEASE
CIC Bancshares Contact: Aimee Miller
CIC BANCSHARES AND MILLENNIUM BANCORP AGREE TO MERGE
Denver, CO (December 8, 2011) – CIC Bancshares, Inc., a Denver-based bank holding company and the parent holding company of Centennial Bank, and Millennium Bancorp, Inc., the parent holding company of Millennium Bank, based in Edwards, Colorado, announce that they have executed a merger agreement. The combination will create a sizable full service community bank, with branch operations serving the Denver-Boulder area and several key Colorado mountain communities. The combined operation will do business as Centennial Bank. Closing of the merger is subject to customary conditions, including receipt of shareholder and regulatory approvals. CIC and Millennium anticipate closing the merger in the second quarter of 2012.
“The merger will provide a great platform to continue our strong record of growth and adds substantially to our customer reach,” says Kevin Ahern, founder, vice chairman, president and CEO of CIC Bancshares, Inc. “Millennium has a talented executive team and a culture for personal service that will fit well with the Centennial Bank culture.”
“This move is a great fit for our bank,” explained Michael Williams, COO of Millennium Bank, who will be president of the Mountain Division of the combined banks. “We share a very similar business philosophy of providing a high level of customer service with experienced community bankers and local decision making. We’re looking forward to joining forces with them and diversifying the suite of products and services we’re able to offer our customers and communities.”
Jim Basey, the Chairman and CEO of Centennial Bank, will be the CEO of the merged bank. The combined company will include nine locations and over $400 million in assets. Centennial Bank operates in downtown Denver at 717 17th Street; in Southeast Denver, located at Arapahoe Road and Potomac Street in Centennial; and its new Boulder branch is expected to be open for business late first quarter of 2012. Millennium Bank’s current branch locations include the mountain communities of Breckenridge, Edwards, Steamboat Springs, Vail and Winter Park/Fraser. Millennium Bank also has a Denver metro branch located in Englewood.
CIC Bancshares, Inc. is a Colorado-based bank holding company focused on acquiring and developing banking and financial services assets in Colorado and the Rocky Mountain West. The corporation was formed in 2009 by experienced banking and financial services executives Kevin Ahern, Richard Bard and Jim Basey. CIC Bancshares acquired Centennial Bank, a full-service commercial bank, in May 2010 and currently operates the bank as a wholly-owned subsidiary. For more information, please visit www.CICBancshares.com.
Millennium Bancorp, Inc. is a Colorado-based bank holding company, formed in 1999, and operates Millennium Bank, a community bank with branches in five mountain resort communities and one in the Denver metropolitan area. For more information, visit www.mymillenniumbank.com. ### |
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