The banking business is booming in Colorado Springs to the point at which one bank has bought its own ground and is building two new buildings. A premier Colorado business bank has branched out to Colorado Springs, and two more are remodeling at current locations.
Colorado Business Bank
“For us, it’s a market we’ve been looking at for 20 years,” said Tim Stack of Denver-based Colorado Business Bank, near the intersection of Nevada and Pikes Peak avenues. “What really appealed to us this time, coming out of a downturn, we feel there’s some really good conversations happening about manufacturing.
“We feel like it’s the time to come to the marketplace and have a role,” Stack said.
The bank operates 13 locations on Colorado’s Front Range and is affiliated with the Arizona Business Bank, with its five locations in the Phoenix area. It has consolidated assets of $2.8 billion.
Colorado Business Bank provides financial services to businesses, playing less of a role with consumers, Stack reported.
“We’re not a consumer bank, per se,” Stack said. The bank will open individual accounts, but its specialty is serving business. The bank has no drive-throughs.
The bank opened its new 4,000-square-foot location at 118 E. Pikes Peak Ave. three weeks ago. Prior to that, for the previous eight months, the five employees had been working at temporary offices.
Remodeling existing space at the new location cost $300,000. The bank, in the former Kinder Morgan location, will have its grand opening May 20 and has hired the Springs Rescue Mission to cater the event.
“We really wanted to make our opening unique,” Stack said.
ANB Bank purchased the ground beneath two technically new locations, said Regional President Lonnie Parsons. The two new-construction banks will replace two banks for which ANB Bank is now renting space.
“We’re going to relocate from Cascade and Bijou to Cascade and Cimarron,” Parsons said.
ANB Bank leases the space at Cascade and Bijou, and now owns the ground at the corner of Cascade Avenue and Cimarron Street, where an 18,000-square-foot bank is being built, he said.
The new location will feature 6,000 square feet of banking space on the ground floor and 6,000 square feet of investment, management and trust on the second floor. The third floor is office space for rent.
“We’re going to have a balcony above the drive-up for entertaining” at the downtown location, Parsons said.
Similarly, ANB is building a new bank at Flintridge and Academy, relocating its branch from the Carefree and Academy location.
“The old Denny’s was torn down,” where the ANB Bank is building at the new location, 11/2 miles north of the current bank, Parsons said. “They’re getting ready with the foundation.”
This new bank will be a single story and 2,800 square feet in size.
Because ANB Bank is growing, the bank is adding some staff, Parsons said.
“It’s kind of a balancing act to manage the growth and staff accordingly,” he said. “We’re adding a couple people now, to get them up and comfortable for the opening.
“My bank is doing very well and growing.”
ANB Bank is also remodeling the Garden of the Gods location.
Between all three construction projects, close to $11 million will be infused into the economy, Parsons said. The bank emphasized hiring area companies to complete the work, he said.
“I think it really speaks well to our bank’s commitment to the community to try to employ as many local contractors in the process,” Parsons said. “We’ve been mindful of the construction process, to have people who live here work on the projects.”
He hopes to have the three projects completed by late September or early October.
The bank has a goal to finish the year with $475 million in deposits, Parsons said.
Northstar Bank of Colorado
Northstar is building an expanded location on the corner of Tejon and Cimarron streets. What had been a small bank lobby and drive-through will become a larger bank, office space and drive-through.
The $2.8 million project should be completed by mid-October, said Michael Long, senior vice president and director of facilities project management.
The 2,250-square-foot basement and the 5,250-square-foot main floor will house the bank. The second floor’s 4,500 square feet will be offices for tenants, he said.
The bank will total about the same size as the flagship bank, the former Bank at Broadmoor on Lake Avenue. The staffing may grow, but will likely stay at 10 to 12.
With its 22 locations, the Northstar Bank has $700 million in assets and lending limits of around $10 million.