Carlile Bancshares, Inc. to Acquire Washington Investment Company and Its Subsidiary, Colorado Community Bank (CCB)

FORT WORTH, Texas, May 17, 2012 /PRNewswire/ -- Washington Investment Company (WIC), a Colorado Front Range bank holding company, which owns 100 percent of the stock of Colorado Community Bank and Carlile Bancshares, Inc., a bank holding company, headquartered in Fort Worth, TX have announced that they entered into a definitive agreement in which Carlile will acquire WIC and its subsidiary, Colorado Community Bank.  Jerry Bryant, WIC's Chairman and Chief Executive Officer will be retiring to care for his wife; however, will remain involved during the transition period.  Patrick Lynch will remain CCB's President.

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"We believe this transaction is in the best interest of our shareholders, employees and customers and we're excited about the opportunity to join the Carlile Company, as it will enable the bank to expand its product offerings in the communities we serve,"  said Jerry Bryant, WIC's Chairman. "Colorado Community Bank and Carlile both share the same vision for community banking built on the tradition of customer relationships, service quality and strong roots within the community."

Carlile was established in 2009 by experienced community bankers Tom C. Nichols, Chairman and Chief Executive Officer, and Don E. Cosby, President and Chief Operating Officer, with the purpose of investing in community banks positioned for growth. Carlile approached CCB in 2011 with a strong interest to structure a transaction that would enhance CCB's ability for continued growth. 

CCB has 18 locations located along Colorado's Front Range and north eastern Colorado and has over $500 million in assets. Carlile has two bank subsidiaries, Treaty Oak Bank, with five locations in Austin and Marble Falls, TX, and The Bank at Broadmoor, with four locations in Colorado Springs, CO; and combined total assets of approximately $300 million.  In addition, Carlile has a pending acquisition of Northstar Bank, a ten branch, nearly $1 billion bank headquartered in Denton, Texas.

"CCB is a well positioned community bank that will enable Carlile to execute its ongoing Colorado banking expansion," said Tom Nichols, Carlile's Chairman and Chief Executive Officer.  "We are looking forward to combining our team with the CCB team," Nichols continued. Management of CCB believes that the partnership with Carlile will bring about a win-win situation for each of these entities, their customers, employees and the communities in which they serve. 

The transaction, which has been approved by the Carlile and CCB Boards of Directors, is expected to be completed in the third quarter of 2012. The transaction is subject to normal closing conditions including approval by CCB's shareholders and regulatory approvals.

Carlile's founders, Nichols and Cosby have a legacy of banking experience with over 30 years buying and operating financial institutions. With the addition of CCB, and the Northstar Bank under contract, Carlile will hold banking assets of more than $1.8 billion with 15 locations in Texas and 22 locations in Colorado.

 For more information contact:

Jerry Bryant, Chairman and Chief Executive Officer of CCB at (970) 396-0322 or email him at [email protected].  Also, go to www.CarlileBancshares.com or contact Carlile's executive officers, Tom Nichols, Chairman and Chief Executive Officer or Don Cosby, President and Chief Operating Officer at 817.877.4440.

SOURCE Carlile Bancshares, Inc.; Colorado Community Bank