Pueblo Bancorporation in Colorado is expanding in the southern part of the state by acquiring Ark Valley Bankshares..The transaction, expected to close in the first quarter of next year, will result in a combined organization with $785 million in assets and 15 branches in Colorado, including The State Bank’s branches in La Junta, Rocky Ford, and Falcon.Pueblo Bancorporation is the parent company of PB&T Bank. Ark Valley Bankshares is the holding company for The State Bank. Founded in 1889, PB&T Bank is headquartered in Pueblo and operates 12 branches with $647 million in assets as of June 30. The State Bank, established in 1893 and based in La Junta, had $137 million in assets as of June 30.The State Bank CFO Lora Rose said the merger will increase opportunities for customers and employees. “Our shared commitment to community involvement and customer satisfaction will remain at the forefront of our mission as we move forward together,” Rose said.Washington, D.C.-based investment bank Olsen Palmer LLC was financial advisor to Ark Valley Bankshares, with Denver-based Otteson Shapiro LLP providing legal counsel. Consulting firm FinPro advised Pueblo Bancorporation, and Columbia, S.C.-based Nelson Mullins Riley & Scarborough was legal counsel.
