We find ourselves in the middle of one of the greatest wealth transfer periods of all time. Those with wealth must decide whether they want to make transfers, and if they do, they must decide how much, to whom, when and in what structure?
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Both branches were locations chosen by a bank that Guaranty purchased and were not growing enough to remain open, according to CEO Paul Taylor. The bank owns both of the buildings and will put them up for sale.
Six people were employed between the two branches, and most of those employees will be distributed to other branches, Taylor said.
Guaranty has announced four other branch closures this year, including a branch in Windsor, bringing the total number of branches for the Denver-based bank to 28, Taylor said. Some of the closures were the result of consolidating branches near each other.
The bank reported an increase in net income from $1.4 million in the second quarter of 2011 to $6.2 million in the same period of 2012. Most of that increase was attributed to a deferred tax valuation amounting to $5.7 million.
Last week, Guaranty announced the acquisition of a Denver investment firm, Private Capital Management, which will operate as a division of the bank’s Wealth Management Group.