Boston-based NBH Holdings Corp. has agreed to acquire 16 branches of Community Banks of Colorado from Community Bankshares Inc., plus the Community Banks of Colorado name, for an undisclosed price.

In a statement, NBH said it expects to continue operating the branches with the same employees. NBH CEO Tim Laney said the company focused on branches on the Interstate 25 corridor between Colorado Springs and Fort Collins and in resort markets.

Greenwood Village, Colo.-based Community Bankshares Inc. plans to retain and rename its remaining Colorado branches.

The deal gives Community Bankshares more capital and NBH more presence in Colorado. Banker & Tradesman reported this week that the company has already gobbled up two struggling banks in the Midwest.

In July, NBH acquired 17 Bank of Choice branches in Colorado. Laney said Colorado is performing better than the national average in population growth, job growth forecasts and median household income.

"We are confident that we can build on the foundation provided by this transaction – and our recent acquisition of Bank of Choice in Colorado – to demonstrate our commitment and offer high-quality service to our clients, associates and the community," Laney said. "The new Community Banks of Colorado will be very well capitalized and poised for growth throughout the state."

"We believe this transaction is a win-win for all parties," said Donald McG. Woods, chairman of the board, president and CEO of Community Bankshares Inc. "The 16 branches involved in this transaction will be in very good hands and our remaining branches will be renamed and, with our enhanced capital resources, we will continue to improve the bank’s performance and maintain our ability to meet and exceed our customers’ expectations and needs."

"Colorado is an extremely important market to us," said Laney. "Colorado is performing better than the national average in terms of population growth, job growth forecast and median household income. By growing our community banking franchise in Colorado, we look forward to playing a role in helping Colorado realize its economic potential."

NBH engaged Keefe Bruyette and Woods and Wachtell, Lipton, Rosen & Katz as advisors for the transaction. Community Bankshares Inc. engaged Stifel Nicolaus & Co. Inc. and Schiff Hardin LLP as advisors on the transaction.