ABC Reiew
Mile High Banks. based in Longmont, Colo., will soon have a new owner. according to published reports.
Mile High’s parent company, Big Sandy Holding Co., filed for Chapter 11 bankruptcy protection on Thursday. Detailed in that filing is a plan by El Paso, Texas-based Strategic Growth Bancorp to buy Mile High, according to the Denver Post.
But American Banker reports that Strategic Growth’s planned purchase is not a done deal.
Banking observers say the bank could draw attention from other bidders. The bank has significant issues with asset quality, but its 14 branches in Denver and surrounding areas may whet the appetite of other potential buyers.
“There will absolutely be other bidders. All you have to do is look at the bidding for Bank of Choice and Community Banks of Colorado,” Adam Fiedor, a principal at St. Charles Capital in Denver, said in an interview. “There is a demand for a Denver-Boulder footprint and that is what they have.”
Mile High Bank to be Sold in Bankruptcy Auction
