Slew of new bank branches set to open

FirstBank is opening two new branches, as is Bank of Colorado. Bank of Choice is opening three branches and a brand-new bank ? Signature Bank ? hopes to open by October. All these openings are a sign of the competitive nature of the Northern Colorado financial marketplace.
The past 12 months have been busy for local banks. According to the Federal Deposit Insurance Corporation, eight bank branches have opened in Larimer and Weld counties. The Colorado State Banking Board approved eight branches during the period that are scheduled to open within the year.
This rapid pace is just another sign of how fast the Northern Colorado banking market is growing. Horizon Bank, a Boulder County-based bank, was attracted to the area because of its growth.
“We primarily want to enter the market to fill a need we have noticed from more-tailored individual service,´ said Daniel Allen, Horizon Bank chairman and CEO. “We want to offer a higher level of service, with the relationship tailored to the customer’s needs.”
Larimer County has 26 banks with 77 branches while Weld County is also home to 26 banks with 57 branches. The current joke is that bank branches outnumber 7-Eleven locations ? by far. There are only 17 7-eleven locations in Northern Colorado compared with 134 bank offices.
“Northern Colorado is a high growth area and the two counties have banks that are in direct competition with each other,´ said Richard Fulkerson, Colorado Banking commissioner. “The market share in a healthy growing environment will show this competition.”
The competition between banks is quickly leaving the bigger cities and is now being fought in smaller communities and towns.
The Tri-Towns area (Frederick, Firestone and Dacono) in southwest Weld County currently has five banks actively seeking locations. Valley Bank and Trust, based in Brighton, is the only bank with an open location.
Eaton was formerly known as a “one bank town.” But competition is looming as a result of the town’s continued growth and sale of Centennial Bank of the West to outside investors. Bank of Colorado and New West Bank of Greeley have both announced plans to build branches in the town. According to the 2000 census, the population of Eaton was approximately 2,600. But a building boom has been ongoing since then.
“Eaton is a growing and desirable location and we have a number of current customers residing there,´ said Tom Goding, president of Bank of Colorado. “I think it will be a great infill location for our Northern Colorado market presence.”
Windsor has always been considered a great banking location because of its proximity to Fort Collins, Loveland and Greeley. There are currently seven banks with branches within city limits and three additional banks are planning to open locations there. A proposed Wal-Mart will likely also contain an additional bank.
A brand-new bank ? Signature Bank ? hopes to open in late August or early September at the intersection of Eastman Park Drive and Colorado Highway 257. Bob Hinderaker, who will serve as Signature?s president, said he believes the Windsor market is still viable for new banks.
“We are excited about our site and the explosion of growth in the Water Valley area,” he said. “We will offer first-class service and an alternative to banks located on Main Street.”
Severance is another bedroom community on the verge of a banking explosion. Two banks have announced plans to open branches in the small community located north of Windsor.
First National Bank of Stratton plans to enter the market with its Severance branch and Colorado Community Bank hopes to continue its presence in smaller communities when it opens its branch.
“We are excited to enter the area with our style of community banking,´ said Bob Todd, president of First National Bank of Stratton.