Hilltop Bank Is Set To Acquire Cheyenne State Bank Soon

Hilltop Bank has entered into a definitive agreement to acquire Cheyenne State Bank, marking a major step in its effort to expand service across Wyoming, the company announced this week.

As of Sept. 30, 2025, Cheyenne State Bank reported approximately $30.2 million in assets, while Hilltop Bank held about $1 billion in assets.

“We are thrilled about the opportunity to expand our service in Cheyenne through the acquisition of Cheyenne State Bank,” Hilltop Bank CEO Greg Dixson said in a statement. “We look forward to serving existing Cheyenne State Bank customers and welcoming new customers who will love a family-owned Wyoming community bank that gives back to the community in meaningful ways.”

The agreement was approved by both banks’ boards of directors and signed effective Oct. 13, 2025. The transaction is expected to close in the first quarter of 2026, pending approval from federal and state regulators, Cheyenne State Bank shareholders, and the completion of other customary closing conditions.

Hilltop said the acquisition will complement the construction of its new full-service branch at 1820 Cutoff Road in Cheyenne, which broke ground earlier this year.

Founded in 1964 and headquartered in Casper, Hilltop Bank has remained locally owned and operated since its inception. The H.A. “Dave” True family purchased the bank in 1977 and continues to oversee its community-focused management.

Today, Hilltop operates four branches in Casper, one in Glenrock, an office in downtown Cheyenne, and a trust and wealth management office in Gillette. The bank’s trust and wealth management division currently oversees more than $1.7 billion in assets.

Cheyenne State Bank, a locally owned institution founded in 2001, has long served the Cheyenne community with a focus on personal banking relationships and local decision-making. The bank built a reputation for providing accessible, community-oriented service in Wyoming’s capital city.

The acquisition comes amid a broader trend of consolidation in Wyoming’s banking sector, where locally owned community banks continue to merge or expand to maintain competitiveness in a market dominated by regional and national institutions. According to the Federal Deposit Insurance Corporation, Wyoming has seen a steady decrease in the total number of state-chartered banks over the past decade, though community-focused lenders like Hilltop continue to play a vital role in supporting local businesses and residents.