Mile High Banks merging bank charter
Last Updated: 16:49 October 10, 2013
The charter merger will help Mile High Banks open new branches in Colorado after the first of the year, said Ken McCormick, president of Longmont-based Mile High Banks. McCormick declined to say how many new branches will open or where they'll be located.
"It's a regulatory thing. We're making a lot of hires, and we're getting very excited," McCormick said.
Mile High Banks has grown to 107 employees from 82, after being bought and recapitalized at the end of 2012 by Strategic Growth Bancorp Inc., an El Paso, Texas-based bank-holding company.
Strategic Growth Bancorp paid $5.5 million for Mile High Banks' stock, after previous parent company Big Sandy Holding Co. in Limon went through voluntary Chapter 11 reorganization, according to bankruptcy court documents. The bank was to be recapitalized with $90 million in new capital from Strategic Growth Bancorp, according to documents.
McCormick also is a co-chief executive officer of First National Bank of Santa Fe. The Santa Fe, New Mexico,-based bank also is owned by Strategic Growth Bancorp Inc.
Mile High Banks is expanding at a lower Downtown Denver branch at 1899 Wynkoop St., as well as at its Cherry Creek branch at 3650 East First Ave., Suite 100, in Denver, McCormick said. At the same time, the bank is closing two branches - one in Denver and one in Littleton, according to regulatory information from the Colorado Division of Banking. The bank's headquarters will remain in Longmont, McCormick said.
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