June 24, 2019

Sioux Falls-based Great Western Bancorp. Inc. is planning to purchase and assume management of the trust assets of Colorado-based Independent Bank.

The acquisition is expected to close in October.

As of March 31, Independent Bank’s trust department had $311.7 million in assets held in fiduciary or agency capacities. As of the same time, Great Western Bank had $1.3 billion in assets under administration.

“We are excited to welcome customers from Independent Bank’s trust department and to provide them with the same excellent level of performance and attention to which they are accustomed. With a combined $1.6 billion trust business, we will offer a compelling combination of sophistication and personal service,” said Ken Karels, CEO and chairperson of the board of Great Western Bank.

Great Western Bank has more than 170 branches across nine states: South Dakota, Iowa, Nebraska, Colorado, Arizona, Kansas, Missouri, North Dakota and Minnesota.