ALBUQUERQUE, N.M. — A Texas banking company will soon own Bank of New Mexico, the companies announced Monday.
Triumph Bancorp, Inc. of Dallas, will pay $134.5 million for First Bancorp. of Durango, the holding company for Bank of New Mexico and First National Bank of Durango, said Clemente Sanchez, chairman, president and CEO of Bank of New Mexico.
The deal is expected to close by the third quarter of this year, pending regulatory approval.
Bank of New Mexico has three branches, in Albuquerque, Gallup and Grants. Triumph’s TBK Bank has 53 branches in Texas, Iowa, Illinois, Kansas and Colorado.
“Bank of New Mexico will operate as TBK Bank following the close of the acquisition,” Sanchez said in a news release. “While the name will change, our values will endure. TBK Bank has a strong commitment to serving the communities in which they operate.”
Sanchez said he has been asked to stay on with the New Mexico operation.
Triumph also announced it is acquiring Southern Colorado Corp., which owns Citizens Bank of Pagosa Springs.