SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) June 18, 1996
ASPEN BANCSHARES, INC.
(Exact name of registrant as specified in charter)
Colorado 0-19376 84-1068527
(State or Other (Commission (IRS Employer
Jurisdiction of File Number) Identification No.)
or Organization)
534 East Hyman Avenue, PO Box 3677, Aspen, Colorado 81612
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (970) 925-6700
N/A
(Former name or former address, if changed since last report.)
<PAGE>
Item 2. Acquisition or Disposition of Assets
On June 18, 1996, Aspen Bancshares, Inc. ("Aspen") acquired Val Cor
Bancorporation, Inc. ("Val Cor") pursuant to a Second Amended
Acquisition Agreement and Plan of Merger dated January 12, 1996, as
amended (the "Plan"). The Plan provided for the merger of Val Cor with
and into Aspen Merger Company, a wholly owned subsidiary of Aspen, with
Val Cor the surviving entity.
Val Cor owns in excess of 99 percent of the outstanding capital
stock of Valley National Bank of Cortez.
Aspen paid $32.653 per share, or approximately $10 million, to the
common shareholders of Val Cor, which such funds were obtained as
follows: $6.5 million from a loan from The Laredo National Bank and the
remaining from cash on hand.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits
(a) The financial statements of Val Cor are incorporated by
reference to Aspen's Form S-3, file no. 33-97700.
(b) Pro forma financial statements are incorporated by reference
to Aspen's Form S-3, file no. 33-97700.
(c) The Plan is incorporated by reference to Aspen's form S-3,
file no. 33-97700.
EXHIBITS
1. Press release dated June 19, 1996
2.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act if
1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
ASPEN BANCSHARES, INC.
DATE: June 18, 1996 By: /s/ Charles B. Israel
Charles B. Israel, President
3.
<PAGE>
FOR IMMEDIATE RELEASE: June 19, 1996
CONTACT: Charles B. Israel, President and CBO,Aspen Bancshares, Tel:
(970)925-6700
Hal Levine/Marty Cohen, The Levine Group, Tel:(212)682-8875
ASPEN BANCSHARES CLOSES ON ACQUISITION
OF VALLEY NATIONAL BANK OF CORTEZ
Aspen, Colorado - Aspen Bancshares, Inc. (Nasdaq-NMS:Asbk)
announced today that it closed on the acquisition of VALCOR
Bancorporation, Inc. Aspen paid $10 million for all the outstanding
shares of VAL COR.
Val Cor is the holding company for Valley National Bank of
Cortez, Colorado. At May 31, 1996, Valley National, Cortez's largest
bank, had total assets of $72.9 million.
Aspen Bancshares, Inc. is the parent company for the Pitkin
County Bank and Trust, the largest bank headquartered in Aspen, and
Centennial Savings Bank, the largest thrift located in Western Colorado.
Total assets at May 31, 1996 were $357.7 million.
4.
