CSBJ Daily

UMB Bank Colorado will acquire The Citadel Bank in an all-cash deal upon regulatory approval.

UMB Financial Corp. is the holding company of UMB Bank Colorado, and Citadel is a subsidiary of Citadel Bancorporation.

Regulatory approval of the transaction is expected by early fall. The combined deposits in Colorado Springs will total about $235 million, increasing UMB’s deposit market share ranking for the area from nine to seven.

Following the merger of operations, Citadel Chairman Gary Whitlock will serve as vice chairman, Citadel President Greg Walters will serve as bank president at the Citadel location, and Gar Anneler will continue to serve as the Community Bank President for the Colorado Springs region.