DENVER, CO–(Marketwired)–Guaranty Bancorp (NASDAQ: GBNK), the holding company for Guaranty Bank and Trust Company, and Home State Bancorp, the holding company for Home State Bank, today announced the signing of a definitive merger agreement, creating one of the largest Colorado-based bank holding companies. Following the closing of the transaction, Home State Bank will be merged into Guaranty Bank and Trust Company.
Based on financial results as of December 31, 2015, the combined company will have approximately $3.3 billion in total assets, $2.5 billion in total deposits and $2.3 billion in total gross loans. As of December 31, 2015, Home State Bancorp had consolidated tangible equity of $80.7 million.
The combined organization’s expanded branch and ATM network, across the Colorado Front Range, will provide further conveniences to its customers and the community. For employees, the larger organization will provide greater career development opportunities. For shareholders, Guaranty Bancorp expects that the transaction will, upon closing, be immediately accretive to EPS (excluding merger-related charges), with EPS accretion of approximately 14.8% in 2017.
“I am pleased to announce the combination of two very strong community banks dedicated to serving the financial needs of businesses and consumers in the state of Colorado,” said Paul W. Taylor, President and Chief Executive Officer of Guaranty Bancorp. “Together, our customers will benefit from an expanded branch network, a broader selection of products and services, and our increased lending capacity to help them reach their financial goals. Our shared vision to deliver exceptional customer service, complemented by our local decision making, and commitment to community banking makes this combination the perfect fit.”