Vectra Bank completes plans to sell 11 branches

Vectra Bank Colorado, a subsidiary of Salt Lake-based Zions Bancorp., said Tuesday it has definitive agreements for the sale of 11 branches in the San Luis Valley and northeast Colorado.

An Alamosa-based investor group will acquire six Vectra branches in the San Luis Valley including Saquache, Center, Del Norte, Pagosa Springs and two in Alamosa. Union Colony Bank in Greeley, Colo., will acquire four branches. First National Bank of Fort Collins will acquire the Wellington branch.

Vectra had said it would sell 11 branches. It said it is focusing its operations on the banking needs of small and midsize businesses in Colorado's urban Front Range communities and mountain resorts.

The transactions are expected to become final in the first quarter of 2004. In the meantime, the banks' operations will continue, with no changes to customer accounts.