Banks merge in Springs

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A merger has recently been completed that will create one of El Paso County’s largest locally owned financial institutions.

Peoples National Bank and Colorado Springs Savings have merged with combined assets totaling $120 million.

The new financial institution, which will be a wholly owned subsidiary of Peoples National Bank, will be named Peoples National Bank and Peoples Mortgage Corp.

Both institutions have focused on primarily the same objective throughout their years of service to El Paso County: financing home purchases and construction. Colorado Springs Savings has been the leader in home construction lending in Colorado Springs. Peoples has done construction lending in Monument and surrounding areas since the 1970s.

Steve Rigg, president of Colorado Springs Savings, believes the mix will be a good fit for both bank’s customers.

"The combination of the two organizations will prove to be an asset for both the community and the customers, as well as employees," said Rigg.

In addition to the combined closing of nearly $30 million per month in home loans, the company will focus on the financing of small business, with all management and loan decisions being made locally.

The newly formed corporation has offices in Gleneagle, Monument, Colorado Springs, Pueblo, and Widefield.