Mutual of Omaha to sell five Colorado branches

Mutual of Omaha Bank, Neb., has agreed to sell five of its Colorado branches to Denver-based CIC Bancshares, Inc..After the deal closes, Mutual of Omaha's branches in Idaho Springs, Evergreen, Conifer, Nederland and Golden will become branches of CIC's Centennial Bank. The five locations were originally acquired by the $6.5 billion Mutual of Omaha in 2007 when it bought Peak National Bank of Golden, Colo..Employees at the five branches are expected to join Centennial Bank..The sale will allow Mutual of Omaha Bank to focus its efforts around its remaining Colorado office in Denver, said John Krusoe, Mutual of Omaha's west region president..Acquisition of the branches, mostly on the western fringes of Denver, will fill out Centennial's footprint. The $470 million Centennial has nine other branches in the area.."We are excited about this opportunity to expand our banking network," said Kevin Ahern, chairman and CEO of CIC Bancshares. "We believe this is a win-win transaction for Mutual and Centennial and we will work together to ensure a smooth and successful transition.".The deal is expected to close in October. Financial terms were not disclosed..River Branch Capital LLC advised both companies in the transaction.