The Colorado State Banking Board on January 16 denied the sale of a Colorado community bank to one of the state’s largest credit unions. The board found that the deal—in which Boulder, Colorado-based Elevations Credit Union would purchase the assets of Cache Bank and Trust, headquartered in Greeley—did not meet the requirements of state law.
According to the American Banker, only one of the seven board members voted in favor of the acquisition.
In a letter to the state regulator earlier this week, the Colorado Bankers Association cited a state statute regarding the sale of assets between state-chartered banks, which essentially establishes “that a bank may only sell the bulk of its assets to another bank.”
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