The Bank of Denver’s former Golden Triangle location at 606 W. Colfax Ave. was closed in August 2022. (Thomas Gounley/BusinessDen)
After 70 years of local ownership, the Bank of Denver will be sold to an Iowa company.
MidWestOne is spending $32.6 million to acquire Denver Bankshares, the bank’s holding company, according to a Sept. 27 presentation to MidWestOne investors. The all-cash deal is expected to close in the first quarter of 2024, according to that presentation.
“We are continuing to build the necessary critical mass in our Denver market, a large and core metropolitan market,” MidWestOne CEO Chip Reeves said in a press release.
“This acquisition accelerates our growth in the region by three to four years,” he said.
For its part, the Bank of Denver said that it “will be joining a growing company that has a shared value of excellent customer service.” It refers to the sale as a merger.
“The merger will take several months to complete, so nothing changes immediately,” it wrote in an online note to customers Sept. 27. “Continue banking as you do today.”
The Bank of Denver was founded as Denver Industrial Bank by George Rock Jr. in 1953. His widow, Marie Rock, and sons ran the bank after he died. Current CEO Lori Radcliffe and chairwoman of the board Linda Rock-Kreutz are great-nieces of the founder.
The bank closed its longtime location at 606 W. Colfax Ave. in the Golden Triangle area last year, leaving it with two branches at 800 E. 17th Ave. and 530 S. Holly St. Linda Rock-Kreutz owns the property at 606 W. Colfax Ave. and is marketing it for sale or lease.
MidWestOne has 58 branches nationwide and one in Denver, at 1899 Wynkoop St.
The Bank of Denver’s former Golden Triangle location at 606 W. Colfax Ave. was closed in August 2022. (Thomas Gounley/BusinessDen)
After 70 years of local ownership, the Bank of Denver will be sold to an Iowa company.
MidWestOne is spending $32.6 million to acquire Denver Bankshares, the bank’s holding company, according to a Sept. 27 presentation to MidWestOne investors. The all-cash deal is expected to close in the first quarter of 2024, according to that presentation.
“We are continuing to build the necessary critical mass in our Denver market, a large and core metropolitan market,” MidWestOne CEO Chip Reeves said in a press release.
“This acquisition accelerates our growth in the region by three to four years,” he said.
For its part, the Bank of Denver said that it “will be joining a growing company that has a shared value of excellent customer service.” It refers to the sale as a merger.
“The merger will take several months to complete, so nothing changes immediately,” it wrote in an online note to customers Sept. 27. “Continue banking as you do today.”
The Bank of Denver was founded as Denver Industrial Bank by George Rock Jr. in 1953. His widow, Marie Rock, and sons ran the bank after he died. Current CEO Lori Radcliffe and chairwoman of the board Linda Rock-Kreutz are great-nieces of the founder.
The bank closed its longtime location at 606 W. Colfax Ave. in the Golden Triangle area last year, leaving it with two branches at 800 E. 17th Ave. and 530 S. Holly St. Linda Rock-Kreutz owns the property at 606 W. Colfax Ave. and is marketing it for sale or lease.
MidWestOne has 58 branches nationwide and one in Denver, at 1899 Wynkoop St.
