Millennium Bank parent completes merger
August 15, 2012
DENVER, Colorado – CIC Bancshares, Inc., a Denver-based bank holding company and the parent holding company of Centennial Bank, and Millennium Bancorp Inc., the parent holding company of Millennium Bank, based in Edwards, announced that they completed their merger effective close of business Tuesday. The combination creates a sizable full-service community bank with approximately $400 million in assets and a total of nine branch operations serving the Denver-Boulder area and several Colorado mountain communities. The combined operation will do business as Centennial Bank.
“We are excited to join forces to form a larger and stronger organization and immediately expand our service offering to our customers,” said Kevin Ahern, president and CEO of CIC Bancshares Inc. “Finalizing this merger in today’s marketplace is a true testament to the strength of these two well-established institutions and our ability to raise significant capital based on our confidence for ongoing growth and success.”
CIC Bancshares Inc., the parent holding company of Centennial Bank, was formed in 2009 by experienced banking and financial services executives Kevin Ahern, Richard Bard and Jim Basey. Millennium Bancorp Inc., the parent holding company of Millennium Bank, formed in 1999, operates Millennium Bank, a community bank with branches in five mountain communities and one in the Denver metropolitan area.
“We look forward to combining our teams and bringing additional benefits to our customers in the communities we serve,” said Michael Williams, chief credit officer of Millennium Bank, who will serve as president of the mountain division of Centennial Bank. “Our No. 1 goal in the Vail Valley is to continue our focus on client relationships and to exceed the expectations of our customers in this market. We are currently seeking to add new leadership to our Edwards and Vail locations and look forward to making some important announcements on this front in the near future.”
The combined Bank will operate a total of nine branches in Colorado, including Breckenridge, Edwards, Steamboat Springs, Vail, Winter Park/Fraser, downtown Denver, Boulder Centennial and Englewood. Millennium Bank’s current branch locations in Englewood and the mountains will immediately be branded as Centennial Bank. Jim Basey will continue as CEO of Centennial Bank and oversee the combined operation.
“The merger is an opportunity to build on our success as a relationship-based banking organization,” Basey said. “As a combined organization, we will provide our customers with the same personalized service from our experienced leadership team and community bankers with increased credit capacity and greater products and services.”