Magazine article American Banker

Triumph in Dallas to Buy Two Banks and a Factoring Company

Magazine article American Banker

Triumph in Dallas to Buy Two Banks and a Factoring Company

Article excerpt

Byline: Jackie Stewart

Triumph Bancorp in Dallas is beefing up in Colorado and expanding into New Mexico with a pair of bank acquisitions.

The $3.5 billion-asset Triumph announced Monday that it has agreed to buy First Bancorp of Durango and Southern Colorado Corp., both of which are headquartered in Inverness, Ill., and share common ownership.

Triumph also said Monday that it would buy the transportation factoring assets of Interstate Capital Corp. through its subsidiary, Triumph Business Capital.

"Collectively, these acquisitions reflect our business strategy of pairing unique commercial finance asset generation with core deposit funding and are expected to generate strong financial results for the company's stakeholders," Aaron Graft, vice chairman and CEO of Triumph Bancorp, said in a press release.

Triumph has built its business model around buying banks in less-expensive markets and then using those deposits to help fuel growth in factoring and other nontraditional business lines. It has acquired two other Colorado banks, Colorado East Bank & Trust and Valley Bank & Trust, since mid-2016.

Prices were not disclosed for the deals, but Triumph also announced Monday that it was raising $175 million through a common stock offering to help pay for them.

The $646 million-asset First Bancorp operates two banking units, First National Bank of Durango and Bank of New Mexico, that combined have seven branches in Colorado and New Mexico.

The $88 million-asset Southern Colorado operates Citizens Bank of Pagosa Springs and has two branches. …

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