Steamboat bank staff to remain after merger
Millennium Bank set to change to Centennial as parent companies join forces
December 8, 2011
Steamboat Springs — The name of Millennium Bank in Steamboat Springs is set to change to Centennial Bank in the spring. The bank's parent company, Edwards-based Millennium Bancorp, announced Thursday that it had agreed to merge with CIC Bancshares, the Denver-based bank holding company that owns and operates Centennial Bank. Centennial has two branches in Denver and a third planned in Boulder.
"This move is a great fit for our bank," Millennium Bank Chief Operations Officer Michael Williams said. "It gives us a Front Range presence. Centennial Bank is very well capitalized and will allow us to better serve our customers with access to more products including a suite of money-management products. The merged banks also will be able to make bigger loans."
Williams, a full-time resident of Steamboat Springs, said the staff at the Steamboat location, including President Paul Clavadetscher, will remain in place.
"Paul is critical to our operation here," he said.
Millennium opened a $2.5 million permanent location here in July 2010.
Williams will serve as president of the mountain banks when the merger is complete sometime in the second quarter of 2012.
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He added that Centennial was attracted to Millennium's five existing locations in mountain towns and that one of the focuses will be to study expanding to other mountain towns.
"Before we agreed to the merger, we wanted to make sure they valued our existing locations," Williams said.
The merged company will have about $400 million in assets and Millennium brought more than half of that amount, in excess of $250,000 in assets, to the merger.
"This is still very much a community bank size," Williams said. "This is not a mega bank swallowing up a community bank."
Key executives at Centennial include Chairman and CEO Jim Basey and CIC Bankshares founder and Chief Executive Kevin Ahern.
Centennial has a downtown Denver location at 717 17th St. and another in Centennial at Arapahoe Road and Potomac Street.
In addition to Steamboat, existing Millennium Bank locations include Breckenridge, Edwards, Vail, Winter Park-Fraser and Englewood.
The merger still must be approved by shareholders.
— To reach Tom Ross, call 970-871-4205 or email tross@SteamboatToday.com