As the month of May came to a close, Armed Forces Benefit Association, through its investment trust, announced the acquisition of 5Star Bank by Little London Bancorp, Inc. (Little London). This transaction brings the three branch locations of 5Star under the ownership of local residents and investors from Colorado Springs.
5Star’s three locations include downtown Colorado Springs, Peterson Air Force Base and InterQuest Business Park. The Bank has combined assets of $172.8 million, deposits of $131.4 million and loans of nearly $111 million.
Mike League is both president & CEO of 5Star, and chairman and CEO of Little London.
“We will continue the legacy of 5Star Bank that is based on the values and principles established by the Armed Forces Benefit Association almost 70 years ago. Our 26 employees will continue on with us as we deliver the personalized service our customers have come to expect from us,” League said.
“The difference going forth will be leveraging our local knowledge and commitment to our community. The ownership truly is part of the fabric of Colorado Springs and that will be more apparent over time.”
Management-led Little London Bancorp was selected from among several bidders for the Bank. League has served as the bank’s president for over seven years.