Elevations will get the bank’s 27 employees, its customers, and an opportunity to be in Greeley and strengthen its presence in Fort Collins, said Gerry Agnes, president and CEO of Elevations.
“It benefits both organizations,” he said, by allowing expansion of commercial lending, business banking, consumer banking and mortgage capabilities in both Larimer and Weld counties, he said.
The acquisition is expected to be approved by regulators in the next six months or so.
“I don’t see any problems in approval,” Agnes said.
Elevations is a member-owned not-for-profit financial institution serving Colorado’s Front Range that started in Boulder in 1953 as U. of C. Federal Credit Union. After the approval, the bank’s customers will become member-owners of Elevations, he said.
Agnes called Cache Bank & Trust a well-run financial institution.
“We are not in the business of purchasing other peoples’ problems. We look forward to our two community-minded institutions coming together to better serve the expanding membership,” he said.
Credit unions have been acquiring community banks across the nation, but Elevations acquisition is the first in Colorado, Michael Bell, an attorney at Howard & Howard, which advised Elevations in the deal, said in a statement
It shows credit unions are becoming stronger, Agnes said. They are becoming like community financial institutions that are providing services over a larger geographical area, he said.
“We are viable partners for the larger community, including businesses,” Agnes said.
The integrated operations would bring Elevation’s asset to about $2.20 billion and 141,700 members.