Millennium, Centennial banks to merge |

Millennium, Centennial banks to merge

Millennium Bancorp Inc., the parent holding company of Millennium Bank, based in Edwards, recently agreed to merge with CIC Bancshares Inc., a Denver-based bank holding company formed in 2009.

CIC owns and operates Centennial Bank, a Colorado-chartered financial institution that offers full service community banking products and services.

This agreement is subject to customary conditions, including shareholder and regulatory approvals. The merger is expected to close in the second quarter of 2012.

“This move is a great fit for our bank,” explained Michael Williams, chief operations officer of Millennium Bank, who will be president of the Mountain Division of the combined banks. “We share a very similar business philosophy of providing a high level of customer service with experienced community bankers and local decision making. We’re looking forward to joining forces with them and diversifying the suite of products and services we’re able to offer our customers and communities.”

Centennial Bank currently operates two branches in the Denver area with another branch scheduled to open late first quarter of 2012 in Boulder. After the closing of the merger, the combined bank will have nine branches, all five of Millennium’s current locations in Colorado’s mountain resort communities – including the Fraser branch – and four in the Denver/Boulder market. The combined organization will operate under the Centennial Bank name.

Millennium’s existing branch presidents and experienced staff will continue to serve in their current roles in the combined organization.

Millennium Bancorp Inc. is a Colorado-based bank holding company and operator of Millennium Bank.

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