Nearly two years after leaving Hancock Whitney bank, Edward Francis has put together a team of investors that has successfully completed the acquisition of a small but iconic community bank in New Mexico.
International Bank, which has some $320 million in assets, was founded in 1918 in Raton, New Mexico and currently operates seven branches throughout the state and in Colorado. Francis and his partners raised $70 million for the acquisition of the bank’s holding company and completed the deal for cash consideration of $46.3 million.
Francis says he left Hancock Whitney in 2016 with the intent of pursuing the acquisition of a community bank in the Colorado area, which is attractive to him for several reasons.
“For one thing, I have family out here and spend a lot of time out here,” he says. “Second, it’s also a very vibrant economy with tremendous growth; and, third, there has been a significant consolidation of community banks in the Denver area, which has created a lot of opportunities and a lot of available talent.”
Francis has already relocated to Colorado and will serve as chairman of the board and president and chief executive officer of the bank, though he will continue to return regularly to Baton Rouge until his children finish high school next spring. Several other veteran banking executives from the Denver area comprise his management team. All invested in the acquisition, he says.
Francis believes there is an opportunity to grow his bank in New Mexico and Colorado, though he plans to remain a community bank.
“We think we have the opportunity to do a growth strategy, particularly in the Denver area,” he says. “Our intent is not just to buy for the sake of buying but if things line up and the opportunity is right we would definitely be open to it.”
Francis joined Gulfport, Mississippi-based Hancock Holding Company in 1997, and was chief banking officer of the company when it acquired New Orleans-based Whitney National Bank in 2011. At the time of his departure, he was serving as chief banking officer and executive vice president.
