Denver-based Custer Bancorp, the holding company for First State Bank of Colorado, will merge with a newly formed Durango-based holding company TIG Bancorp in an effort to ready itself for growth.

Financial terms of the transaction were not disclosed.

First State Bank of Colorado has seven branches in the state, including one in the Denver Tech Center, and $220 million in total assets, $188 million in total deposits and $140 million in total gross loans.

First State Bank of Colorado President Jeffrey Walker said the merger with the new holding company means the bank can begin to acquire smaller banks. The bank, he said, already is in talks with other smaller banks.

Find out more on the merger at the Denver Business Journal.