The Federal Reserve Board and the State of Colorado Division of Banking approved National Bank Holdings’ acquisition of Peoples, Inc. The acquisition is expected to close in early January 2018, subject to customary closing conditions.

“We are pleased to have received the required regulatory approvals and look forward to closing this acquisition in the next few weeks,” said Tim Laney, CEO of National Bank Holdings. “We continue to be very pleased to have the Peoples organization, including their associates, clients and communities, become a part of the NBH family.”

The transaction will add approximately $905 million of assets, $543 million of loans held for investment and $733 million of deposits, as well as a complementary franchise-centric, retail mortgage business, which has originated more than $1.0 billion of loans per year. Following completion of the transaction, NBH expects to have approximately $5.6 billion in consolidated total assets, with $3.7 billion in loans and $4.7 billion in deposits across a five-state footprint in the Midwest.

Pursuant to the merger agreement that the parties executed in June 2017, Peoples has wound down its national mortgage business, operated out of its Kansas-based Peoples Bank. The national mortgage business was operated separate and apart from the Peoples Bank community banking operations, and will not be operated by NBH.