Guaranty plans to close branch in Lafayette
Denver-based Guaranty Bank has found the Lafayette branch to be "under-performing," said Jody Soper, the spokeswoman. The branch has not produced projected deposit or transaction growth, Soper said.
"While these decisions are never easy, they are a necessary part of doing business," Soper said in an email. "Banks must lower expenses in light of the continuing weak economy and new regulations that are increasing our compliance costs and limiting fee income opportunities."
Guaranty has several locations in Northern Colorado, including at least five in Boulder County. It is a wholly owned subsidiary of Guaranty Bancorp (Nasdaq: GBNK). The bank in May said it would move an existing Boulder branch at 2460 Baseline Road to a central downtown location at 1300 Walnut St. late this year.
Guaranty Bank and Trust has seen six consecutive quarters of net income growth, Soper said. The bank announced recently that it had acquired Private Capital Management LLC, a Denver-based investment management firm. Terms of that deal were not disclosed.
Guaranty Bank has provided more than $250 million in new loans to the community in the first half of 2012, Soper said. Guaranty Bank has $1.7 million in assets.
More breaking news...
Target begins selling Evol Foods' products
The Broomfield-based resort operator (NYSE: MTN) sold the land at
Weplay acquisition a win for TeamSnap
Financial terms of the partnership between Boulder-based Phil's Fresh Foods LLC, doing business as Evol Foods, and Minneapolis-based
Financial terms were not disclosed. Weplay had 2.25 million customers and 5