News Room
Mutual of Omaha Subsidiary To Acquire Colorado's Peak National Bank
May 9, 2007 – Omaha, Neb. – Omaha Financial Holdings, Inc., has reached a definitive agreement to acquire Peak National Bank, a community banking company based in Golden, Colo., the companies announced today.
The transaction is expected to be completed in 120 to 150 days, subject to closing conditions and necessary approvals. The financial terms of the transaction were not disclosed.
The Peak National Bank acquisition is the first for Omaha Financial Holdings, a banking subsidiary established this year by Mutual of Omaha.
The acquisition is a win-win for both parties, advancing Mutual of Omaha’s banking initiative while providing Peak with greater financial resources and new opportunities for growth, said Omaha Financial Holdings President and CEO Jeff Schmid.
No significant changes are anticipated in the management or personnel at Peak National Bank. It is important that the bank remain locally managed so it can be responsive to the needs of its customers, Schmid said.
“We think Peak Bank is a great fit for Mutual of Omaha. We have similar philosophies about customer service, and we share a strong vision for the future,” Schmid said. “We have every intention of preserving what is already working very well at Peak. Banking is a relationship business, and we will want to preserve every relationship these banks have.”
Tom Hartley, chairman of Peak National Bank, echoed Schmid’s comments on the fit between the two organizations. “We are excited for our customers and employees to be able to partner with an organization with the reputation of Mutual of Omaha. In my opinion, this is absolutely the best situation for our customers, employees and shareholders.”
Peak National Bank was established in 1986 in Nederland, Colo. It is now headquartered in Golden and operates seven branches in suburban Denver and the Front Range foothills. Branches are located in Conifer, Evergreen, Lakewood, Nederland, Golden, Highlands Ranch and Idaho Springs.
The Peak National Bank acquisition is a key step in Mutual of Omaha’s banking strategy, which is to establish a network of community banks, open an Omaha-based bank on the Mutual of Omaha campus and launch a full-service internet bank, Schmid said.
“Community banking is at the cornerstone of our strategy,” he said. “We intend to operate a network of banks that remain closely linked to the people and businesses of their communities and our strategy is to acquire banks that mesh with that philosophy.”
Mutual of Omaha formed Omaha Financial Holdings, Inc., in January of 2007 to pursue banking initiatives. Mutual of Omaha is a full-service, multi-line organization providing insurance and financial products for individuals, businesses and groups throughout the United States.