Once The Bank at Broadmoor merges with Colorado Community Bank, the combined bank will also have a new name: Northstar Bank of Colorado.
“It can be tough to lose such a valued name in The Bank at Broadmoor, but there are many positive things coming out of this,” said Mark White, bank president. “Northstar Bank of Colorado is a name desired upon brand research.
“‘Broadmoor’ says a lot about quality and service. The Broadmoor is a place, a hotel, a bank, but it’s very local.
“‘The Bank at Broadmoor’ doesn’t have as much impact [in Yuma, on the Eastern Plains],” White said.
Colorado Community Bank has 17 branches on the Front Range and the plains, stretching from Castle Rock to Sterling and including the Denver metro area.
“Upon approval of the merger, the combined banks will have a much larger balance sheet with better lending capacity,” enabling customers to access larger loans, White said.
The combined banks will have $700 million in assets, an increase from The Bank at Broadmoor’s $200 million.
The changes will take place after the Federal Reserve Bank of Kansas City gives its approval, perhaps August, White said.
Also, the bank plans to build a new two-story, 10,000-square-foot building at its downtown Colorado Springs location at Tejon and Cimarron streets.
The merger will bring about enhanced employee benefits with insurance and retirement to the 50 employees at The Bank at Broadmoor, White said.
“We’ve hired a number of new employees and we are investing in our community,” White said. Recent vice-president hires include David Gardner, Gregory Welch and Jon Hollman.
White was hired in December. The merger is the reason White moved from BBVA Compass Bank, he said.
Because the plan calls for Colorado Community Bank to merge into the charter of The Bank at Broadmoor, account holders for the Colorado Springs-based bank won’t experience changes in their bank numbers, White said.
Plans include new online banking services, while, “We’ll continue to be a good corporate citizen” and continue sponsorship of events such as the Pikes Peak International Hill Climb, White said.