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Grand Valley Bank Signs Definitive Agreement to Acquire the Palisade Branch of Colorado National Bank

GRAND JUNCTION, CO – January 30, 2019 – Grand Valley Bank (GVB), announced that it has signed a definitive agreement to purchase the Palisade, Colorado operations of Colorado National Bank for an undisclosed amount. Upon completion of the acquisition, Grand Valley will have 5 offices in the Grand Valley and 4 locations in Utah with total assets of over $430,000,000. Subject to customary closing conditions, including regulatory approvals, the transaction is expected to close during the second quarter of 2019.

“With more than 113 years of service to the community and a strong customer base, the Palisade location of Colorado National Bank plays an important role to individuals and businesses in Mesa County and Colorado’s Western Slope,” said Dave Armbruster, President of Grand Valley Bank. “We look forward to ensuring that role continues into the future.”

Colorado National Bank Executive Vice President John Sprengle, commented, “Grand Valley’s culture, corporate character, and commitment to the community were important considerations in our decision and we look forward to a seamless ownership transition for our customers and employees.” Dave Armbruster, President of GVB, noted that “We expect operations in Palisade to continue as they do today with the same dedicated staff and attention to customer service.”

Grand Valley Bank is a true community bank that has grown from a modest start in 1983 on North Seventh Street, in Grand Junction, CO to, soon to be 9, branch locations in the states of Colorado and Utah. The bank has grown from its original 12 employees to over 100. The bank’s success can be attributed to its conservative philosophy and its personal approach to its customers. The bank is locally, employee owned, so the officers and employees know the needs of the people in their community.

Contacts:

Grand Valley Bank:
David Armbruster
President
970-241-4400
d.armbruster@grandvalleybank.com
Colorado National Bank:
John Sprengle
Executive Vice President
303-962-7313
jsprengle@coloradonational.com

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