Four Corners Community Bank, based in Farmington, has signed an agreement to acquire Citizens State Bank of Cortez, a subsidiary of Community Bankshares, Inc. The consolidation was announced on Wednesday.
Bethany Turner, vice-president of operations at Citizens Bank of Cortez, said the merger was a good fit for both institutions.
“The merger is strengthening the bank to ensure we have an increased longevity for our local customers,” Turner said.
Founded in 1936 and locally owned until 2007, the Citizens State Bank of Cortez is a state-chartered Colorado bank with two branches and approximately $80.6 million in assets. It had come under regulatory scrutiny in recent years. Once consolidated, Four Corners Community Bank will have approximately $302 million in assets and seven branches in New Mexico and Colorado. Four Corners Community Bank already has a branch on East Main in Cortez.
“It’s an exciting time, and we’re optimistic to see what comes next,” Turner said.
The Citizens Bank of Cortez currently employs 28 people, and Turner said she did not yet know whether any of those jobs will be affected by the merger. Merging the banks’ computer systems will result in restructuring in early 2014, she said.
“There are no major job changes expected in the immediate future,” she said.
Four Corners Community Bank president and chief executive officer Sheila Mathews said in a press release the institution would be committed to the local community and its continued growth.
“Four Corners is a strong, profitable and well-capitalized community bank that is focused on making loans and building relationships in our markets,” she said.
The acquisition is subject to approval by Four Corners Community Bank shareholders and bank regulatory agencies, among other approvals. The merger is expected to be done later this year.