Press Release:
Press Release
News Article February 2005
DURANGO, Colo., Feb. 22 /PRNewswire/ -- The First National Bank of Durango and The Bank of Durango today announced they had signed an agreement to merge. The transaction is subject to regulatory approval, and the banks expect the sale to close early in the second quarter of this year. Financial terms of the transaction were not disclosed. The combined organization will continue under The First National Bank of Durango name and charter.
Under the terms of the merger agreement, Bank of Durango customer accounts will be transferred and serviced by First National Bank. The Bank of Durango, located at 125 Sawyer Drive in Bodo Park, will remain open and operate under the First National Bank of Durango name to accommodate the significant number of bank customers in the Bodo Park area and the growing community southeast of Durango.
"First National Bank personal service representatives will work closely with Bank of Durango customers to assure a smooth transition," said Steven Short, president and chief executive officer of First National Bank. "We look forward to welcoming the Bank of Durango customers to our organization and offering them our broad array of financial products as well as the same convenient access to high quality service that our First National customers enjoy."
With the addition of the new location in Bodo Park and its recently opened Bayfield branch, First National Bank soon will have five banking facilities, giving its customers more locations in La Plata County than currently available from any other bank. Customers of the combined banks also will have access to their accounts from 13 ATMs located throughout the Durango and Bayfield communities and through a nationwide network of ATMs linked to First National Bank.
"We view this merger as very positive for our many loyal customers," said Mike Malone, President of the Bank of Durango. "With the added resources and services of The First National Bank, our Bank of Durango customers will have an excellent opportunity to build a strong financial relationship with Durango's premier community bank."
Founded in 1882, the $285 million First National Bank of Durango is the oldest and largest independent community bank in Southwest Colorado. The Bank of Durango was established in the early 1980s as Durango National Bank and later changed its name and charter to become a state bank. The combined organization will have approximately $330 million in assets.
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