Greeley’s Cache Bank and Trust to stay in business following sale of trust accounts

GREELEY — One of the last surviving community banks in Greeley is getting out of the trust business but will continue to serve its other customers.

The president of Cache Bank and Trust, Byron Bateman, appeared before the state banking board in Denver on Thursday regarding the bank’s plans to sell 200 trust accounts.

The board doesn’t have to approve the sale but Bateman is required to notify the board. However, the issue was listed as “request to sell assets” on the meeting agenda, which created concerns that the bank was getting out of the business altogether, The Greeley Tribune reported.

Bateman says that’s not the case.

“I’m just selling about 200 trust accounts that have nothing to do with the bank; they’re not even on the bank balance sheet,” Bateman said.

The bulk of the trust accounts being sold are self-directed IRAs which Bateman said have become too cumbersome for the small bank, which also has branches in Fort Collins and Denver, to manage under the Dodd-Frank Act.

The trust accounts are being sold to a new company called Dunham Trust Co., which will be able to use Cacheoffices to meet with trust customers. The sale will take three to four months to complete.

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