Mountain Valley Bank set to acquire Citywide Bank branch in Steamboat
December 15, 2018
STEAMBOAT SPRINGS — Wade Gebhardt, Mountain Valley Bank corporate president, believes that banking is a people business.
So this week after Mountain Valley Bank of Platte Valley Co. announced that it has entered into a definitive agreement to acquire the Steamboat Springs branch of Citywide Banks, he focused on what the business move would mean to the employees and customers.
"We are very excited for the acquisition of the branch," Gebhardt said. "It will benefit our customer bases very well, and it will improve our access to have a location on the east and west sides of town. It will be more convenient for everyone."
Gebhardt said he is excited about the opportunity for Mountain Valley Bank to expand its presence in the Steamboat community and to welcome the staff and customer base from Citywide Banks.
"The staff at the Steamboat branch at Citywide Banks is very, very good and very experienced, and we are looking forward to having them join our staff," Gebhardt said. “They have a very robust customer base that has been very loyal to them for a long time. We are excited to have them join our family."
Gebhardt said in the past, the branch has been Millennium Bank and Centennial Bank before transitioning to become Citywide Bank in 2016. He said Mountain Valley Bank has been very interested in the branch, its staff and customers for some time, and took advantage of the opportunity when it presented itself.
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The acquisition agreement has been approved by the board of directors of both Mountain Valley Bank and Citywide Banks, and is subject to approval of bank regulators as well as the satisfaction of customary closing conditions.
Mountain Valley Bank will acquire substantially all deposits, loans and the full-service location located at 635 Marketplace Plaza in Steamboat.
All employees of Citywide Banks in Steamboat have been offered employment with Mountain Valley Bank. The transaction is expected to close in the second quarter of 2019.