Denver, CO – December 14, 2020 – InBankshares, Corp and InBank, an independent commercial bank serving the Denver Metro Area, southern Colorado and northern New Mexico, today announce that Brush Creek Partners, a Denver-based private equity firm, acquired from the Company on December 9, 2020, 220,000 shares of voting common stock for a total investment of $1.8M. Upon completion of the acquisition Brush Creek owned an aggregate of 700,000 shares of the Company’s voting common stock.
Brush Creek Partners is led by Kevin Ahern and Scott Maierhofer, who have a combined 70 years of experience in the private equity, banking and finance industry as operators and capital partners. Brush Creek Partners was formed in February of 2020, has approximately $60 million in committed capital, and has funded three investments in 2020. Ahern is the former Chairman, Founder and CEO of CIC Bancshares, a Colorado-based bank holding company, and Chairman of Centennial Bank. Last month, Ahern joined the Boards of Directors of both InBankshares, Corp and InBank.
“The investment by Brush Creek Partners will add strategic capital to our company as we pursue additional growth opportunities in Denver and across the Front Range. We welcome the expertise and market exposure that Kevin, Scott and other investors in Brush Creek Partners will bring to our organization,” says Ed Francis, Chairman of the Board, President and Chief Executive Officer for InBankshares, Corp and InBank.
InBank’s recent growth is reflected in the company’s third quarter financials showing a $249 million or 68% year-over-year growth in total assets, $166 million or 61% year-over-year growth in core deposits and a significant increase in market share after completing two consecutive years of the highest percentage of FDIC market share growth compared to peers in the Denver MSA, according to the FDIC Summary of Deposits June 30, 2020.
“We are very excited about the company, opportunity, and ability to be actively involved on the Boards of Directors of both InBankshares, Corp and InBank,” says Kevin Ahern, Managing Partner, Brush Creek Partners. “We look forward to partnering with CEO, Ed Francis, and his talented team of professionals, the Boards, and other stakeholders in creating long-term value.”
About InBankshares, Corp
InBankshares, Corp is the holding company for InBank, an independent commercial bank serving the Denver Metro Area, southern Colorado and northern New Mexico. Established as International Bank in 1918, the bank was founded by a young Italian immigrant and built upon the entrepreneurial spirit. With a modern vision for the next 100 years, InBank is committed to delivering a new generation of personalized banking services and to the mission of positively impacting the lives of our customers, communities and associates. For more information, visit www.InBank.com.
This press release contains, among other things, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements preceded by, followed by, or that include the words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “projects,” “outlook” or similar expressions. These statements are based upon the current belief and expectations of InBankshares, Corp’s management team and are subject to significant risks and uncertainties that are subject to change based on various factors (many of which are beyond InBankshares, Corp’s control). Although InBankshares, Corp believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, InBankshares, Corp can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by InBankshares, Corp or any person that the future events, plans, or expectations contemplated by InBankshares, Corp will be achieved.
All subsequent written and oral forward-looking statements attributable to InBankshares, Corp or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. InBankshares, Corp does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law. # # # InBank is a Member FDIC and Equal Housing Lender.