Local developments rely less on out-of-state banks

Banking and finance could be deemed the lifeblood of the economy. In principles of economics, we teach that once an economy moves beyond the barter stage, money becomes the lubricant that keeps the machine moving.
The banking and finance sector, working with the Federal Reserve system and the Treasury Department, controls the flow of money.
For purposes of this column, we include banking, credit agencies and security and commodity brokers in what we will refer to as the banking sector.
The banking sector sold almost $400 million of banking services in Northern Colorado in 1994, the latest year…