Federal regulators were key to Blue Federal’s bank purchase

LOVELAND — Elevations Credit Union, with headquarters in Boulder, had hoped to be the first credit union in Colorado to purchase a bank with its potential deal to buy assets of Cache Bank and Trust of Greeley.

But regulators got in the way, rejecting the deal. Instead, Blue Federal Credit Union, with headquarters in Cheyenne, Wyoming, will become the first to buy and convert banking customers in Colorado to credit-union members. 

As announced in recent days, Blue Federal will buy assets of two Colorado branches of Liberty Savings Bank —…