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MOUNTAIN PARKS FINANCIAL CORP. TO ACQUIRE FRONTIER BANK OF DENVER

 MINNEAPOLIS, Dec. 9 /PRNewswire/ -- Mountain Parks Financial Corp. (NASDAQ-NMS: MPFC), and Frontier Bank of Denver, today jointly announced that they have entered into a definitive agreement whereby The Bank, Evergreen, Colo., a subsidiary of Mountain Parks Financial Corp., will acquire for cash Frontier Bank of Denver. Frontier is a $36 million commercial bank located in metropolitan Denver. "We are pleased with this opportunity," said Dennis M. Mathisen, president and CEO of Mountain Parks Financial Corp. "This investment represents our initial entree into Denver's expanding financial services market, where we intend to pursue a growth strategy to increase our presence.
 "This is also our first acquisition since the company's August initial public stock offering," Mathisen continued. "This merger provides an expanded service base for our existing customers and it is indicative of our intention to be aggressive in the Denver market."
 Richard W. Newman, president of Frontier Bank commented, "We look forward to becoming part of The Bank, Evergreen and the Mountain Parks team as the transaction will enable us to better serve our customers and increase our lending limits.
 "We believe that the culture and philosophy of Mountain Parks are very consistent with how we have run our bank. Accordingly, the only changes we anticipate as a result of the merger will be the ability to offer our customers additional products and services along with expanded lending limits. Frontier's management and employees are expected to remain the same."
 Consummation of the transaction is conditioned on completion of due diligence, along with appropriate shareholder and regulatory approval. The merger is expected to be completed in the first quarter of 1994. Terms of the agreement were not announced.
 Mountain Parks Financial Corp. is a multi-bank holding company which owns three banks with banking facilities in seven central Colorado communities.
 -0- 12/9/93
 /CONTACT: John A. Fischer of Mountain Parks Financial Corp., 612-338-3158/
 (MPFC)


CO: Mountain Parks Financial Corp.; Frontier Bank of Denver ST: Minnesota, Colorado IN: FIN SU: TNM

CP-DB -- MN008 -- 2331 12/09/93 16:06 EST
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Publication:PR Newswire
Date:Dec 9, 1993
Words:337
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