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Merger

Denver-based InBank will merge with Legacy Bank, which has nine branches in southern Colorado, the companies recently announced.

The $56 million merger, expected to be finalized in the second quarter of 2022, creates a commercial bank with around $1.2 billion in total assets. It will have 19 offices, 12 full-service branches, two loan production offices and five branches in northern New Mexico, according to the companies.

InBankshares Corp. (INBC) is the holding company for InBank, which had $705 million in total assets, $426 million in gross loans and $603 million in deposits as of Sept. 30, according to a news release.

“Legacy is (a) great fit for us geographically, strategically, financially, and culturally. Both banks share the same values, culture, and commitment to our customers, communities, and associates, which should allow for a smooth integration,” Ed Francis, chairman, president and CEO for InBankshares Corp. and InBank, said in a statement. “Legacy brings an experienced team of bankers and has a similar commitment to serving clients to that of InBank. The combination will further leverage our significant investment in people, commercial treasury products, and technology while helping position InBank to be the premier locally-owned commercial bank.”

Legacy, based in Wiley, Colorado, and founded in 1907, has branches in Colorado Springs, Pueblo, Pueblo West, Cañon City, Buena Vista and Lamar.

“Our family looks forward to the strategic partnership and success that we believe the combined bank will have moving forward,” said Dave Esgar, chairman, president and CEO of Legacy Bank. “Legacy Bank has a long-standing history of service excellence and giving back to its communities. InBank is the right partner to extend and build upon this proud history as a locally-managed community bank.”

Under the terms of the merger, which has been unanimously approved by the boards of INBC and Legacy, INBC will issue 3,566,387 shares of INBC common stock and pay $21.25 million in cash to the shareholders of Legacy Bank, the release states. Based on INBC’s closing common stock price of $9.75 per share on Nov. 29, the amount to be paid by INBC is valued at about $56 million.

Andrew Trainor, regional president of Legacy Bank, will join the executive team of InBank. The Esgar family (Dave Esgar and his sister Janet McClure) will hold a significant stake in INBC post-closing and will receive a board seat on the INBC and InBank boards, according to the release.

New Hire

Tiffany Goldman, CEO and co-owner of The Health Center, has been named chairwoman of the Marijuana Industry Group, according to a release.

Goldman, a former restaurant owner, has worked nine years at the The Health Center, which employs about 150 people in Boulder and Denver.

“I’m excited to take on this leadership role at MIG and eager to continue the work to strengthen and stabilize our industry, increase our legitimacy and influence, and forge new partnerships with members, customers, and localities,” Goldman said in a statement. “In addition to expanding awareness and education around the legal cannabis industry and the health and economic benefits we bring, we also need to work to create an industry that is diverse and representative of the people of Colorado.”

The group represents more than 400 licensed cannabis businesses across the state.

“Our membership is thrilled to have Tiffany’s leadership at the helm of our organization,” Executive Director Truman Bradley said in a statement. “Our industry is facing real challenges from many different directions, but there are also real opportunities, and we believe Tiffany’s background and expertise will help us best navigate the road ahead.”