Hilltop Bank Makes a Cheyenne Play, Snapping up Cheyenne State Bank

The original story by Kolby Fedore for K2 Radio.

Hilltop Bank is getting bigger in Wyoming’s capital. The Casper-based lender said it has a definitive deal to acquire Cheyenne State Bank, a small but well-rooted community bank, in a move that expands Hilltop’s footprint and sets up a stronger presence on the state’s southeastern edge.

The matchup is lopsided by the numbers but tidy from a strategy standpoint. As of Sept. 30, 2025, Cheyenne State Bank tallied roughly $30.2 million in assets. Hilltop, founded in 1964 and still family-owned, sits near the $1 billion mark. The boards of both banks approved the agreement and signed it effective Oct. 13, 2025; if regulators and Cheyenne State Bank shareholders give the green light, closing is slated for the first quarter of 2026.

For Hilltop, the timing dovetails with construction on a full-service branch at 1820 Cutoff Road in Cheyenne, which broke ground earlier this year. Fold Cheyenne State Bank’s customer base into that new location and you’ve got instant scale for deposits, small-business lending, and trust relationships — plus a local staff that already knows the neighborhoods.

“We are thrilled about the opportunity to expand our service in Cheyenne through the acquisition of Cheyenne State Bank,” CEO Greg Dixson said, pitching the deal as both growth and continuity. “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.”

Cheyenne State Bank has been part of the city’s financial fabric since 2001, leaning into personal banking, local decision-making, and approachability. Hilltop is promising to keep that tone while layering on more services from its broader platform — everything from commercial lending capacity to a trust and wealth management division that oversees more than $1.7 billion in assets. The bank already runs four branches in Casper, one in Glenrock, an office in downtown Cheyenne, and a trust and wealth office in Gillette. The True family, which bought Hilltop in 1977, remains at the helm, a rarity in a sector increasingly shaped by regional and national players.

The deal also fits a wider story: consolidation across Wyoming banking. In a state with a lot of ground to cover and a limited population base, smaller institutions have been merging or partnering to keep up with technology costs, compliance, and customer expectations. The FDIC’s tallies show a gradual decline in the number of state-chartered banks over the past decade, even as community lenders continue to punch above their weight in small-business lending and local projects.

Nothing changes immediately for Cheyenne State Bank customers; accounts, branches, and contacts stay put until the transaction closes and systems are combined. But the outline is clear enough: Hilltop wants to be the go-to community bank in more corners of Wyoming, and this Cheyenne deal — backed by a new branch and deeper product set — pushes that plan along.