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Platte Valley Bank announces completed acquisition of Steamboat bank branch

Staff WriterMay 22, 2019

STEAMBOAT SPRINGS, Colo. — Hod Kosman, chairman, president and CEO of Platte Valley Financial Service Companies, Inc., announced that Mountain Valley Bank, a Platte Valley Company, has obtained all the necessary regulatory approvals and has completed the acquisition of the Steamboat Springs branch of Citywide Banks. Mountain Valley Bank has acquired substantially all deposits, loans and the full-service location located at 635 Marketplace Plaza in Steamboat Springs. All employees of Citywide Banks in Steamboat Springs have been offered employment with Mountain Valley Bank.

“Our customers will continue to see the same friendly, local employees and the same strong commitment to the community,” Mountain Valley Bank Corporate President Wade Gebhardt said. “At the same time, we will be able to offer a broader range of modern banking products and services, including tailored deposit products as well as convenient mobile banking and online banking services. Our substantial lending capacity will allow us to continue to serve Steamboat and all of Routt County.”

“We are excited to welcome the Citywide Banks team into our Mountain Valley Bank family,” Kosman said. “We are very impressed with the employees, officers and management who share our values and steadfast commitment to an outstanding customer experience. Mountain Valley Bank’s new “Wildhorse” branch will extend our ability to serve Steamboat and Routt County.”

Joanne Sherwood, president and CEO of Citywide Banks, added that “Citywide Banks is grateful to the Steamboat employees and the community for their past support.”

With the completion of the acquisition, Mountain Valley Bank now has two convenient Steamboat Springs locations and a total of five locations in northwest Colorado.

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