DENVER — Fort Collins-based Bank of Colorado has been granted approval by the Colorado Division of Banking to open a new branch in Scottsdale, Arizona.

The suburban Phoenix branch at 15900 N. 78th St. was given the nod by state regulators in April, but the branch-establishment process has yet to be completed, according to a monthly banking division activity memo released Tuesday.

Arizona appears to be a target for expansion as Bank of Colorado earlier this year received the blessing of the Colorado Banking Board to open a new loan-production office in Sedona, Arizona.

New loan-production offices are often precursors to the establishment of new bank branches.

Bank of Colorado operates branches in the Boulder Valley and Northern Colorado in Loveland, Greeley, Estes Park, Fort Collins, Longmont and Johnstown. It also operates a loan-production office in Boulder.

In addition to its locations in Colorado and Arizona, Bank of Colorado operates in New Mexico.

The institution has more than $6.5 billion in assets and more than $5.7 million in deposits.

Nebraska-based Adams Bank & Trust opened its new Greeley branch at 7251 W. 20th St. in May, according to the banking division memo. 

The Colorado Banking Board approved that branch along with another Adams Bank location in Colorado Springs about a year ago.

Adams president Chad Adams told BizWest last year that the institution has been eying a Greeley branch for years, and when the 7251 W. 20th Ave. location hit the market, Adams jumped on the opportunity.

“It’s a robust economy, and we’ve had a lot of growth here,” he said of the Colorado Front Range.

“I like to locate in communities with colleges,” Adams said. “The talent base [which includes] multilingual people is there in Greeley. The city offers a lot not only from a geographic standpoint, but from a demographic and talent standpoint.”

In addition to new employees to staff the Greeley branch, Adams plans to relocate some of its administrative staff from its Ogallala, Nebraska, headquarters to Northern Colorado.

“Greeley is going to become a hub that helps support our other locations,” Adams said last year. 

Adams Bank & Trust, which boasts assets of more than $1.1 billion, operates 20 branches in three states — Colorado, Nebraska and Kansas — including in Fort Collins, Longmont, Firestone, Berthoud and Sterling.