Colorado Banking Board denies Elevations Credit Union’s bid to buy Cache Bank assets

DENVER — State regulators voted overwhelmingly Thursday against a measure that would have advanced a bid by Boulder-based Elevations Credit Union to purchase the assets of Greeley-based Cache Bank & Trust.

The proposed deal, which is opposed by the Colorado Bankers Association, was announced in September and was expected to close in the first quarter of 2020. The acquisition — the first of its kind in Colorado — would result in a combined organization with $2.2 billion in assets and 141,700 members.

It is unclear how the parties will move forward. Asked after Thursday’s 6-1 vote…