Solera suspends plans to expand in Boulder

LAKEWOOD – Solera National Bancorp has suspended plans to expand the company’s loan production office in Boulder into a full-service banking facility following a disappointing financial report.

On Friday, Lakewood-based Solera reported a net loss of $638,000, or 25 cents per share the quarter that ended Dec. 31, and a net loss $655,000 for 2013.

John P. Carmichael, president and chief executive, said the company will “significantly scale back previous plans to expand Solera’s residential mortgage lending business.” He cited higher interest rates and a rapid decline in mortgage refinancing activity in the second half of 2013.

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As a result, he said the company will use its existing infrastructure to support residential mortgage lending, and heighten the bank’s traditional focus on commercial banking through its loan production offices located in Colorado.

“There is work ahead of us to reposition the bank to operate productively, efficiently and to capitalize on our core strengths,” Carmichael said. “The Bank ended the year exceeding accepted regulatory standards for a well-capitalized institution.”

The bank has five locations in the Denver metro area, Boulder, Durango and Colorado Springs.

Solera National Bancorp, Inc. was incorporated in 2006 to organize and serve as the holding company for Solera National Bank, which opened for business in September 2007.