Welcome Kit Resources
InBankshares, Corp Announces Completion of the Merger
Between InBank and Legacy Bank
Merger creates a $1.2 Billion Asset Bank Serving the Front Range of Colorado & Northern New Mexico
Denver, CO and Wiley, CO – May 2, 2022 – Denver, Colorado-based InBankshares, Corp (OTCQX: INBC) (the “Company” or “INBC”), parent company of InBank, today announced that the merger whereby Wiley, Colorado-based Legacy Bank (“Legacy”) was merged with and into InBank was completed effective April 29, 2022.
Under the terms of the merger agreement, the Company is issuing 3,566,345 shares of INBC common stock and is paying approximately $21.25 million in cash consideration to the shareholders of Legacy in the aggregate.
Legacy had approximately $484 million in total assets, $306 million in gross loans and $419 million in deposits as of March 31, 2022. Legacy operates nine full-service offices serving customers in Colorado Springs, Pueblo, Pueblo West, Cañon City, Buena Vista, Lamar, and Wiley, Colorado. With the addition of Legacy, on a pro forma combined basis, INBC would have total assets of approximately $1.2 billion, gross loans of approximately $787 million and total deposits of approximately $1.0 billion as of March 31, 2022. The combined bank will serve customers from 19 offices, including 12 full-service offices and two loan production offices in Colorado, and five full-service offices in northern New Mexico. Legacy’s systems conversion is planned for the third quarter of 2022. Until the systems conversion is complete, the former Legacy branches will operate under the “Legacy Bank, a Division of InBank” brand. Legacy customers will be notified about the official name change to InBank in the coming months.
“We would like to welcome Legacy’s customers, associates and shareholders to InBank and InBankshares, Corp. The merger of InBank and Legacy Bank is an extremely exciting opportunity for our two organizations,” said Ed Francis, Chairman of the Board, President and Chief Executive Officer for InBankshares, Corp and InBank. “The partnership between our banks will allow us to expand the InBank footprint, technology capabilities, product and service delivery, and our commitment to our customers and communities. Our teams are working hard behind the scenes to combine operating systems and planning for a brand transition as Legacy Bank adopts the InBank name at the completion of the conversion process scheduled for the third quarter. We are confident that this transaction will position InBank for significant growth across the Front Range of Colorado with the potential to gain substantial scale, while increasing our market capitalization and improving our earnings power.”
“Legacy Bank has always been committed to our community, customers and associates,” commented Andrew Trainor, formerly Legacy’s Regional President, now InBank’s President-Community Banking. “We feel confident that we have found a partner that shares a similar culture, and we are excited to help execute on InBank’s strategy together. Our customers will receive the same great personal service from the same team of associates, paired with additional products, new technology offerings, and an expanded geographic footprint with more branch offices.”
About InBankshares, Corp
InBankshares, Corp is the holding company for InBank, an independent commercial bank serving the Colorado Front Range, southern Colorado and northern New Mexico markets. InBank offers a full suite of commercial, business, personal and mortgage banking solutions with a focus on personalized service, technology and local decision-making. InBank was built on the entrepreneurial spirit and is led by a team of experienced banking professionals committed to the mission of positively impacting the lives of its customers, communities and associates. INBC’s common stock is quoted on the OTCQX marketplace under the symbol “INBC.” For more information, visit www.InBank.com.
This release contains, among other things, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements preceded by, followed by, or that include the words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “projects,” “outlook” or similar expressions. These statements are based upon the current belief and expectations of the Company’s management team and are subject to significant risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company’s control). Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, the Company can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by the Company or any other person that the future events, plans, or expectations contemplated by the Company will be achieved. Many possible events or factors could affect the Company’s future financial results and performance and could cause those results or performance to differ materially from those expressed in the forward-looking statements. Such risks and uncertainties include, among others: the outcome of any legal proceedings that may be instituted against the Company or Legacy, the possibility that the anticipated benefits of the merger are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where the Company and Legacy do business, the possibility that the merger may be more expensive than anticipated, including as a result of unexpected factors or events, diversion of management’s attention from ongoing business operations and opportunities, potential adverse reactions or changes to business or employee relationships, including those resulting from the completion of the merger and the Company’s ability to complete the integration of Legacy successfully.
All subsequent written and oral forward-looking statements attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. The Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.
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Frequently Asked Questions
We are very excited about uniting Legacy Bank with InBank! Our teams are working hard behind the scenes to make this a seamless transition for you. We are currently working on combining operating systems and planning for an official name change from Legacy Bank to InBank in late July. Below, we have provided some answers to questions you may have about the transition. As always, your banker is standing by to assist and we will continue to provide updates throughout the process to keep you informed!
How will the merger between Legacy Bank and InBank affect me?
As a Legacy Bank customer, you will benefit from a wider collection of products and services after the merger is complete and will be served by the same local bankers at your branch. You will continue to receive the same personal attention, the same strong support to our local communities and the same volunteerism from our employees. Today, it is business as usual until our full system conversion planned for late July. You will receive information in advance of the systems and technology conversion and any changes that may affect your account(s). And we’ll be with you every step of the way!
Why is Legacy Bank merging with InBank?
- Our two organizations share a very similar mission, vision and purpose, demonstrated by a long history of genuine commitment to our customers and our local communities.
- The merger will provide improved product and service offerings, greater capacity, and greater convenience for our customers.
- InBank shares our commitment to significant involvement in our local communities.
Will the bank’s name change?
Yes. Over the next few months, you will see a roll out of the brand transition as Legacy Bank adopts the InBank name. There will be a carefully planned brand transition period between “legal” close and “transitional close”. While the Legacy Bank name will change over time to InBank, you can expect the same people and same local service you have come to expect from our team.
What is “legal” close?
Legal close refers to the official date that the merger has received approval by federal and state bank regulators and the Legacy Bank shareholders. At this time, Legacy Bank will begin doing business as Legacy Bank a Division of InBank, until transitional close when our full system conversion takes place.
What is “transitional” close?
Transitional close is when the system conversion has been completed and Legacy Bank will transition to the InBank name. At this point, customers will be able to take advantage of all combined products, services, and cross-bank at any location.
Why am I seeing different logos on communication materials?
During the time between legal close and transitional close, you will begin to see a shared logo featuring both the Legacy Bank brand and the InBank brand on communication pieces and in your communities. You may also see a logo that reflects Legacy Bank a Division of InBank that will be used prior to transitional close or conversion.
How will my account(s) be impacted?
There will be no changes to your account(s) until the system transition takes place later in 2022. Until then, Legacy Bank’s existing account agreements and all other contracts will continue to govern your account(s), and you can continue to bank as usual using your Legacy Bank debit card, checks and deposit slips, website, and online banking. You should also continue to make any loan payments as usual. We will notify you in writing well in advance about any changes to your account(s) and services due to conversion. We are focused on ensuring a smooth transition.
Can I continue to use my existing checks, debit card, and/or ATM card?
Yes, please continue to use your existing checks, debit and ATM cards.
Will my account or loan number change?
For now, your account numbers will remain the same. In the unlikely event a change is needed, you will be notified well in advance and we will handle all of the details.
Will my direct deposits, automated payments, and transfers continue to be connected to my account?
Yes. All these services will continue without interruption at this time. If you need to make changes, please contact your banker.
What online banking changes should I expect?
You will continue to have access to the same online banking pages and information you have today. Later in 2022, you will view a different online banking screen, but continue to access complete account information, make transfers between accounts, pay bills electronically and view check images.
What changes to products and services can I expect?
InBank and Legacy Bank teams are working closely together to determine best products and services moving forward. The team expects to adopt the best practices from both entities to achieve the highest level of customer satisfaction. Debit cards, online, and mobile banking will be converted automatically for you and we will provide additional updates throughout the conversion process.
When will I be able to bank at InBank locations?
Cross-banking at all 17 locations will be available when all systems have been successfully converted.
Who should I contact with additional questions?
You can call the same people you call today with any questions. The phone numbers will remain the same, so feel free to contact your Legacy Bank branch or Relationship Manager. They will be available to answer any questions you may have.