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Vectra Bank Colorado to Acquire Minnequa Bank; Five-Branch, $319 Million Bank Broadens Vectra's Delivery System in Southern Colorado.

Business Editors

DENVER & PUEBLO, Colo.--(BUSINESS WIRE)--July 10, 2001

Vectra Bank Colorado today announced an agreement to acquire The Minnequa Bank of Pueblo, the largest independent banking organization in Pueblo, in a transaction that adds a key regional center to the Colorado communities served by Vectra.

"This is a perfect fit for Vectra Bank Colorado because Vectra's approach to banking will complement the many strengths of the Minnequa organization, particularly its commitment to customer service and to meeting the needs of local consumers and businesses," said Bruce Alexander, president and CEO of Vectra Bank Colorado.

The acquisition of Minnequa Bank, with $319 million in assets, will bring the assets of Vectra Bank Colorado to approximately $2.5 billion. "We'll now reach from Cortez to Durango to Alamosa to Pueblo to Colorado Springs -- all the way across the southern tier of the state -- which will help us more fully meet the needs of our customers who live and do business in the communities that make up this part of Colorado," said Alexander. The transaction is pending regulatory and shareholder approval.

Owned by long-time Colorado banker Mahlon T. "Butch" White, Minnequa Bank was established in 1902 and became part of the banking enterprise of the Thatcher and White families, whose banking and mercantile business interests date to Pueblo's earliest days as a frontier community. Today, Minnequa is the largest independent bank in Pueblo as measured by deposits, with $292 million, and operates four banking offices in Pueblo and one in the Pueblo West community. Two other banks owned by White, the First National Bank of Durango and Bank of Monte Vista, are not part of the Vectra transaction.

Minnequa's President and CEO John A. Marvel will continue in this role in the Pueblo market for Vectra. "We believe this is a match that makes sense for our customers and our employees. We'll continue to build on the longstanding reputation and relationships we've created in the Pueblo community. Now, we'll be able to bring our customers more resources, such as greater lending authority and new, technology-based products and services," said Marvel.

According to Alexander, Vectra will bring expanded products to Minnequa's marketplace, including cash management services, corporate banking, residential mortgage lending, private trust and private banking, and insurance and investment services. Customers also will be able to access specialized kinds of banking services, from public finance to international banking.

The two banks plan a transition to the Vectra Bank Colorado name in the fourth quarter once the transaction receives approval.

Through more than 50 banks in 30 communities throughout the state, Vectra Bank Colorado offers banking, mortgages, personal trust and private banking, investment, leasing, real estate financing and cash management products and services to commercial enterprises of all sizes, as well as to individual customers. Organized around the needs of Colorado, the bank works to match its products, services and expertise to the differing requirements of the state's regional economies, including the urban Front Range, Colorado's agricultural communities and its mountain resorts. As the state's fifth-largest bank, with total assets of $2.2 billion and over 800 employees, Vectra Bank Colorado promises customers, "You do life. We'll do the banking." The bank's website address is www.vectrabank.com.

Vectra is part of Zions Bancorporation, one of the nation's premier financial services companies, consisting of a collection of great banks in select high-growth markets. Under local management teams and community identities, Zions operates more than 400 full-service banking offices in Arizona, California, Colorado, Idaho, Nevada, New Mexico, Utah and Washington. Forbes magazine recently named Zions one of America's best big companies.

Minnequa's Chairman White will continue to be active in the Thatcher Foundation, established in 1924. The foundation has supported numerous local cultural, social and educational programs, including The Pueblo Zoo, The Greenway and Nature Center, Pueblo Family Social Services, The Pueblo YMCA, KTSC-TV, and the Pueblo Symphony. In 1982 the foundation provided funding to the Sangre de Cristo Arts & Conference Center for construction of the Helen Thatcher White Gallery building. The foundation was also instrumental in development of the White Library Branch in Pueblo West. In the last 13 years the foundation has given over $4 million to community projects and organizations.
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Publication:Business Wire
Date:Jul 10, 2001
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