Horizon Bank branching out in Northern Colorado

LOVELAND — A Longmont-based bank with roots on Colorado’s Eastern Plains is opening a branch in Loveland.

Horizon Bank has signed a 10-year lease for 4,500 square feet of office space at 2950 N. Garfield Ave.

“We primarily want to enter the market to fill a need we have noticed for more-tailored individual service,´ said Daniel Allen, chairman and chief executive of Horizon Bank. “We want to offer a higher level of service, with the relationship tailored to the customer’s needs.”

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Horizon Bank is owned by the Big Sandy Holding Co. of Limon, which was established in 1991 but infused with investment funds in 2001 solely for the purpose of branching out along the Front Range.

Horizon operates five Front Range locations and the original location in Limon, which operates as First National Bank of Limon.

The bank chose to open in north Loveland along Highway 287 because it wanted a solid location to begin its presence in the Northern Colorado market. Allen said the investment group is also looking into locations in Fort Collins and may enter the Greeley market if the opportunity presents itself.

“We are excited to enter the Northern Colorado market. Our brand of banking has been well-received in Longmont, and we hope it will be well-received in Loveland,” Allen said. “We look forward to the competitive environment of the area.”

In the Boulder-Longmont metropolitan statistical area, Horizon Bank holds 3.91 percent of the market based on deposit ratios. It is the 10th-largest bank in the Boulder-Longmont area, with $171 million in deposits.

Statewide, the bank has approximately $354 million in assets and $50 million in capital.

Allen said he understands how competitive the banking market is in Weld and Larimer counties. He also understands how difficult it is to find experienced bankers in an area with 39 separate banks and 128 branches.

“We have already had many people inquire about employment, and with our compensation package, we should have no problem attracting qualified people,” he said.

The movement of Horizon Bank into the market further catapults a recent trend in banking — for eastern Colorado banks to open branches in Northern Colorado because of its growth potential.

This is the fourth bank with eastern Colorado roots to spread its wings and fly west. The other Eastern Plains players include First National Bank of Julesburg, Washington Investment Co., based in Otis and Colorado East Bankshares Inc., based in Lamar.