Local bank will convert branches

GREELEY – Union Colony Bank is planning to convert its Loveland and Fort Collins facilities into branches of First National Bank of Fort Collins.Changing the branch names will help to better identify them in the markets they serve, said Jim Tuggle, president of Union Colony Bank in Greeley.
“They reside in the First National Bank market,” Tuggle said. “It makes more sense from an advertising and marketing standpoint.”
The Union Colony name traditionally has been more associated with the Greeley banking market.
First National Bank of Fort Collins, Union Colony Bank and Bank of Boulder all have common ownership but separate boards of directors. The banks are owned by First National of Nebraska in Omaha, Neb.
All employees will remain in the same positions, with no staff changes planned, Tuggle emphasized.
“Both branches were acquired by Union Colony Bank around 1992 or 1993,” Tuggle said, “and they were assimilated as branches.”
Both have done exceptionally well, he noted, adding that they have grown about 20 percent annually.
“What we see is a situation where the bank and community can be better served by changing the identity,” Tuggle said.
Mark Driscoll, president of First National Bank in Fort Collins, could not be reached for comment.
Each of the Colorado banks within the holding company maintains separate identities.
“We sometimes offer different products and have different rates,” Tuggle said. Union Colony Bank itself is in the process of building a new facility in west Greeley on 10th Street.
“We’re really excited about the change,” Tuggle said, of converting the Loveland and Fort Collins branches. It will make it easier.”
ÿ