ANB Bank and Capital West Bank Merger Benefits Community
ANB Bank is in the process of acquiring Capital West Bank, and people from both establishments say it is great for the community.
Both Kelso Kelly, President and CEO of Capital West Bank, and Nancy Stutzman, Community Bank President at ANB Bank in Laramie, agree that the community will benefit from the recently announced arrangement. Both say that the merger helps to combine the best of each bank into one solid, community oriented establishment.
Kelly says that while Capital West has worked hard to serve its customers, some services were not able to be developed due to the size of the bank. With the merger, customers will be able to benefit from having new services and products. Stutzman adds that this allows the new joined bank to grow with larger customers while still maintaining the community bank values and atmosphere.
The joined bank will take on ANB Bank's name and be located where ANB Bank is currently at Grand Avenue and Boulder Drive. While both locations were considered, Kelly said the overall size of each location and cost to maintain them was the deciding factor in a final location.
Kelly, along with a few others at Capital West Bank will join ANB Bank after the deal is finalized. Kelly will be a board member for ANB Bank as well as the regional president for their Laramie and Northern Colorado region. Others joining the ANB team include Rick Melone and Rebecca Miller. Connie Palmer from Capital West’s Heritage Club will also be going to ANB.
Kelly said that conversations are taking place to solidify what will happen to other employees of the bank. He said that there are opportunities with ANB Bank for many, and the bank will assist in finding jobs for those who cannot go to ANB for employment.
Stutzman says that both banks are working hard to make the transition go smoothly for customers. Accounts will slowly be transitioned and customers will be able to keep the accounts they currently have for some time.
The acquisition is still pending regulation and shareholder approval. If it is approved, the closing date is expected to be in September or August with a transition period of several months.