InBankshares Corp., a newly established bank holding company founded by a group of seasoned banking executives, has bought Raton Capital Corp., the bank holding company for New Mexico-based International Bank, for cash consideration of $46.3 million. The sale has been approved by shareholders and bank regulatory authorities.
International Bank was founded in 1918 in Raton and operates seven branches throughout Northern New Mexico and Colorado with approximately $320 million in total assets.
InBankshares is led by Edward Francis, a bank executive with 30 years of financial institution experience, and a senior management team of experienced banking executives from the Denver area and some of International Bank's markets. Previously, Francis was executive vice president and chief banking officer of Hancock Whitney, a $27 billion financial services company. As chairman of the board, president and chief executive officer for the new organization, Francis will lead the board of directors and management team as they expand the bank's presence in New Mexico and Colorado.
"We are proud to stand on the shoulders of the DiLisio and Moore families who provided the leadership and capital that built the 100-year legacy of International Bank. We plan to expand our presence within the Denver metro area and significantly enhance technology and product offerings for our customers," said Francis, CEO. "Our timing is fortunate given the disruption happening in the Denver Front Range markets. There is advantage in being a nimble, well-capitalized, relationship-driven community bank.
Former International Bank President Ron Schmeits has worked closely with Francis and the senior management team throughout the transition.
"It has been a pleasure to work with Ed Francis and his management team throughout this acquisition process," said Schmeits. "Our commitment to community banking and customer service is what has built this legacy bank over the last 100 years. The existing personnel along with new staffing will provide the foundation for the next 100 years. As president of International Bank for the last 34 years, it has been personally rewarding to see our people develop and the area's banking needs being satisfied. This dedication has resulted in major growth for the bank and economic development for the areas served."
The bank's new executive management team, which combines over 150 years of expertise in community and regional banking, includes Francis, CEO, Dennis Santistevan, chief financial officer/chief operating officer, David Brown, chief risk officer, Jennifer Fulton Anderson, chief administrative officer and Jeff Huckabee, chief information officer.
A team of senior commercial and private bankers, including Davis Butler, Art Sankey, Brian Kreps, Brett Haigler and Aurora executive Eric Barnett, join the executive management team. This group plans to build commercial and private banking teams around each of these leaders.
Trinidad executive Joseph Degarbo, will have responsibility for leading the markets of Raton, Trinidad, Springer, Cimarron, Angel Fire and Red River. Former chief financial officer and operations officer, Lana Coffman, will be the chief operations officer for the new organization.
"Each of the co-founding executives have made a personal financial investment into our bank, which we believe will provide a unique opportunity for our customers to work with bankers who are owners and are heavily invested in the success of the bank," says Francis.
The bank will continue to operate locations in Raton, Cimarron, Springer and Angel Fire, plus Trinidad and Aurora, Colorado, under the International Bank name with plans to expand.
Raymond James & Associates Inc. served as financial adviser and sole placement agent to InBankshares, while Hunton Andrews Kurth LLP served as legal counsel to InBankshares. Fenimore, Kay, Harrison & Ford, LLP served as placement agent's counsel. GLC Advisers & Co. served as financial adviser and provided a fairness opinion to Raton Capital Corp., while Lewis Roca Rothgerber Christie LLP served as legal adviser to Raton Capital Corp.