Bank One makes 8 on E. Harmony Road

FORT COLLINS — When Bank One opens a new branch on the southeast corner of Harmony Road and Boardwalk Drive, a total of eight banks will be vying for customers along a short stretch of East Harmony Road.

Groundbreaking for the new 4,000-square-foot Bank One branch should begin in early 2003 with expectations for a late second-quarter opening.

“It’s a good site,´ said Bill Farr, president and CEO of rival Centennial Bank of the West, which opened a branch on East Harmony two years ago. “So much growth continues to be on Harmony,” he said. “It’s really become the main east-west corridor in Fort Collins.

“To say those of us in the business think it’s great to have them move in there, the answer would be ?no,'” Farr said. “But it’s natural — you go where the action is.”

Farr described Bank One as a very good competitor. “It’s a free enterprise system,” he said. “We wish everyone well.”

Pat Brady, president of First Bank of Northern Colorado, said when Bank One’s new branch opens his Harmony branch, 1013 E. Harmony, will be its closest banking neighbor.

“Probably like every other bank on Harmony Road we think there are already enough banks on this stretch,” Brady said. “But we’re confident we compare favorably and can compete with everyone.”

Headquartered in Chicago, Bank One Corp. (NYSE: ONE) is the sixth-largest bank holding company in the nation with nearly $270 billion in assets, $4.6 billion of which is held in its Colorado operations.

“This is part of the $30 million investment Bank One is making in Colorado this year,´ said Ron Schneider, the company’s regional president based in Loveland.

The new bank is just one of 13 new locations Bank One planned for development in the state this year. The company has owned the 1.7-acre parcel on Harmony since the mid-1990s. In the late 1990s, Bank One went through the development approval process with the city, but pulled the plug on the project before actually breaking ground.

“At the time, the corporation was exploring capital allocation, delivery and structure so they put all new projects on hold,” Schneider said.

The new branch will create about 10 new jobs, Schneider said, with four drive-through service lanes and extensive landscaping.

Bank One currently has 12 operations in Northern Colorado and another site in Longmont scheduled to open this month at Hover Street and Nelson Road.

“We’re looking at adding another location in Greeley, too,” Schneider said, which will likely be located in west Greeley but a specific location has yet to be determined.

on Facebook on LinkedIn