The Dolores State Bank and Mancos Valley Bank announced Feb. 13 the two have signed a merger agreement, under which DSB has agreed to acquire MVB. The terms of the agreement were not disclosed.
The combined company will have about $230 million in total assets, $200 million in total deposits and $108 million in total loans.
"On behalf of the officers, employees and the shareholders of the Mancos Valley Bank, I want to express our excitement in joining The Dolores State team. Like Mancos Valley, Dolores State is a community-focused bank which will enable us to continue providing the quality service our customers have come to appreciate," Jan Rains, president and CEO of Mancos Valley Bank, wrote in an email.
The merger has been approved by the board of directors of each bank.
Rains added that shared resources will help the banks serve customers with greater loan capacity and leading products and services.
"We believe the combination of our two community-minded banks will enable us to better serve our customers and the local communities," said Ed Merritt, president of The Dolores State Bank.
Closing of the transaction, which is expected to occur in the third quarter of 2015, is subject to customary conditions, including regulatory approval.