Triumph Bancorp agreed to acquire First Bancorp of Durango and Southern Colorado. The company also entered into an asset purchase agreement by Advance Business Capital dba Triumph Business Capital to acquire the transportation factoring assets of invoice factoring company Interstate Capital.
“Collectively, these acquisitions reflect our business strategy of pairing unique commercial finance asset generation with core deposit funding and are expected to generate strong financial results for the company’s stakeholders,” said Aaron P. Graft, vice chairman and CEO of Triumph Bancorp.
Following the close of the transactions, First Bancorp of Durango’s community banking subsidiaries The First National Bank of Durango and Bank of New Mexico, along with Southern Colorado’s subsidiary, Citizens Bank of Pagosa Springs, will be merged into Triumph’s subsidiary bank, TBK Bank, with the resulting institution operating under the TBK Bank name.
Interstate Capital will operate as Interstate Capital, a Triumph company. The staff of Interstate Capital will become employees of Triumph Business Capital immediately following the close of the acquisition.
These transactions were unanimously approved by all four boards of directors and are subject to customary closing conditions, including regulatory approvals. The Interstate transaction is expected to close during Q2/18, while the bank transactions are expected to close in Q3/18.
Triumph was advised in both transactions by Wachtell, Lipton, Rosen & Katz as legal counsel. Stephens and Evercore served as financial advisers on the bank aquisitions. Sullivan & Cromwell acted as legal counsel and Hovde Group acted as financial adviser to First Bancorp of Durango and Southern Colorado. Kemp Smith acted as legal counsel, and Hovde Group and Houlihan Lokey acted as financial adviser to Interstate Capital.