FARMINGTON — Four Corners Community Bank is set to acquire Citizens State Bank of Cortez, giving the Farmington-based bank two more branches in southwest Colorado.

According to the deal announced Thursday, Four Corners will add Citizens' $80.6 million in assets to its portfolio.

Four Corners reached the agreement with Community Bankshares Inc., of which Citizens is a subsidiary.

"Larry McGee, president (of Citizens State Bank), and I are thrilled to welcome the customers and employees of Citizens State Bank of Cortez into the Four Corners Community Bank family," Sheila Mathews, president and CEO of Four Corners, said in a news release. "This acquisition will significantly enhance our presence in Cortez and we look forward to better serving the community with expanded operations."

Four Corners already has a location in Cortez. It also has three in Farmington and one in Aztec.

The transaction has been approved by the boards of directors of both banks. It is subject to the approval of Four Corners' shareholders and banking regulators. The purchase is expected to be completed later this year. The sale price was not disclosed.

Once consolidated, Four Corners Community Bank will have approximately $302 million in assets and seven branches in New Mexico and Colorado.

"Our purpose at FCCB has always (been) and will be to serve the communities with better than expected service," Mathews said. "We know there are many banks out there that provide the same products and services that we offer, but what makes FCCB stand out stronger than the rest is our commitment to our community and its continued growth. We would like to welcome our new customers and employees to the FCCB family and we are grateful for the continued loyalty from our existing customers and shareholders."

Four Corners had $169.7 million in deposits as of March 31, up from $168 million on Dec. 31, 2012, according to federal filings.

The bank launched a revamped website in September 2012 at thebankforme.com.

Chuck Slothower covers business for The Daily Times. He can be reached at 505-564-4638 and cslothower@daily-times.com. Follow him @Dtchuck on Twitter.