Liberty Capital, Inc. has announced that its wholly owned subsidiary Liberty Savings Bank, FSB, will sell its branches in Highlands Ranch and Englewood, Colorado to First Commercial Bank. First Commercial bank will acquire both branches at 9131 South Broadway in Highlands Ranch and 3531 South Logan Street in Englewood. First Commercial Bank will assume all deposit liabilities and buy related fixed assets of the branches.
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The transaction has been approved by both companies’ Board of Directors. Shareholders were not required. The financial terms were not disclosed. First commercial will also buy fixed assets at a price equal to net book value of the closing date. The transaction is expected to close in March of 2010.
Liberty Capital rings the financial bell for its customers. The privately held thrift holding company owns Liberty Savings Bank, which provides traditional banking services to individual and business customers through about 40 branches in Colorado, Florida, Ohio, and South Carolina. Founded in 1889, the bank offers such services as checking and savings accounts, money market and individual retirement accounts, and certificates of deposit. Its loan portfolio is dominated by residential mortgages but also includes commercial mortgage, business, construction, and consumer loans. Subsidiary Liberty Investment Services provides financial planning products and services via an agreement with Linsco/Private Ledger.
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