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MEEKER I Mountain Valley Bank announced on Monday that it has entered into a definitive merger agreement with Platte Valley Financial Service Companies, Inc., also known as Platte Valley Companies. Pursuant to the agreement, Platte Valley Companies will acquire all of the outstanding shares of Mountain Valley Bank and its parent holding company, Mountain Valley Bancshares, Inc.
The merger agreement, which has been approved by the Boards of Directors of Platte Valley Companies, Mountain Valley Bank and Mountain Valley Bancshares, Inc., is subject to approval by the shareholders of Mountain Valley Bancshares, Inc. and bank regulators in addition to the satisfaction of other terms and conditions.
“We believe this arrangement accomplishes the goals we’ve set to meet the needs of our shareholders, employee associates and communities,” commented Mountain Valley Bank President/Chairman/CEO Terry Jost about the merger. “Our shareholders and customers will have access to a greater array of financial services while still enjoying outstanding customer service. Our employee associates will continue to work with an excellent and stable company that allows them to be part owners and active participants. This merger will also benefit each of our local communities as Platte Valley Companies has shown it is deeply committed to the success of the communities it serves.”
Platte Valley Companies joined with a group of Colorado bankers and investors to form Mountain Valley Bank in 2004 with locations in Walden, Steamboat Springs, Hayden and Meeker. In 2007, Platte Valley Companies sold its controlling interest to the Colorado shareholders of Mountain Valley Bank, but continue to hold a significant investment in Mountain Valley Bancshares, Inc. Due in part to this past successful working history between the two companies, the boards of directors of the parties to the merger agreement regard this merger as a reunion of two progressive companies.
Platte Valley Companies President/Chairman/CEO Hod Kosman adds, “We believe local ownership and control leads to maximum customer and employee satisfaction. We are pleased that under this merger agreement many local Mountain Valley Bancshares, Inc. shareholders and employees will continue to hold ownership in the combined company.
“Platte Valley Companies and Mountain Valley Bank are two organizations that share a vision of providing exceptional customer service while encouraging employee success,” he said. “Our common goal will be to foster growth and prosperity in the communities we serve. Mountain Valley Bank will maintain its Colorado banking charter and operate as a ‘sister bank’ to Platte Valley Bank—Wyoming and Platte Valley Bank—Nebraska.”
The two companies announced the signing of the definitive agreement to their employees on Friday. Both companies are currently working towards a closing date within the second quarter of 2014.
After closing, Platte Valley Companies will have total banking assets of approximately $900 million with 16 full-service locations serving 13 communities in Colorado, Nebraska and Wyoming.