Banking
Casper’s Hilltop Bank Completes Acquisition of Cheyenne State Bank
Casper-based Hilltop Bank has officially completed its acquisition of Cheyenne State Bank, expanding the community lender's footprint into the state capital and consolidating two of Wyoming's longtime banking institutions under a single banner.
The merger, which received final regulatory approval earlier this month, brings Cheyenne State Bank's two branches and approximately $180 million in assets under Hilltop's umbrella. The combined institution now operates seven branches across Natrona and Laramie counties.
"This is a milestone for Hilltop and for community banking in Wyoming," said Hilltop Bank president and CEO David Thorson. "Cheyenne State Bank has served its community with distinction for over 60 years, and we're honored to carry that legacy forward."
Cheyenne State Bank customers will see their accounts transition to Hilltop Bank systems over the coming 90 days. The bank said existing account numbers, interest rates, and terms will be honored through the transition period.
All Cheyenne State Bank employees have been offered positions with Hilltop, according to the company. The former Cheyenne State Bank branches on Dell Range Boulevard and Lincolnway will continue to operate under the Hilltop Bank name.
The acquisition reflects a broader trend of consolidation in Wyoming's community banking sector, as smaller institutions face pressure from rising regulatory costs, competition from national banks and fintech companies, and the challenge of succession planning for family-owned banks.
"Wyoming has lost about a third of its community banks in the last 20 years," said Wyoming Bankers Association executive director Paul Crawford. "Mergers like this one at least keep the operations local and Wyoming-owned, which is better than the alternative."
Hilltop Bank was founded in Casper in 1962 and remains independently owned. The bank reported total assets of approximately $520 million prior to the acquisition.
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