July 18, 2013 Updated: July 18, 2013 at 6:00 pm
A Denver-based bank that focuses on business clients is expanding into Colorado Springs and is expected to announce its new branch location within two months.
Colorado Business Bank is looking to place a commercial bank branch inside an existing office building, said Sue Hermann, director of communications. The bank has not decided which area of the Springs it will establish the branch.
"We typically don't have free-standing banks," she said. "We are in other buildings' first floor spaces with good access for our customers."
Hermann said the bank likely will concentrate on personal and business banking, and will not have drive-through service.
"We tend to serve business customers and find other ways to get our customers' money to our bank then to have them come to us," she said.
The bank will open with a small workforce: Tim Stack as president, and Stephen Ingham as senior banker, and some support staff, Hermann said. Employees will be added as the bank's client list grows.
A bank study of Colorado Springs determined the market is not oversaturated with banks or professionals who work in the wealth management field, Hermann said. She said the study showed Colorado Springs to be a strong market with a vibrant, diverse economy with a strong local business base.
"We serve those companies that are mid-sized, and felt Colorado Springs had a lot of that," she said.
Colorado Business Bank is the commercial banking unit of CoBiz Financial, which began in 1994 as Colorado Business Bankshares with the purchase of the Equitable Bankshares of Littleton and The Women's Bank, National Association.
The company changed the bank's name to Colorado Business Bank in 1979 and then the name of the holding company to CoBiz in 2003, Hermann said. The holding company had $2.7 billion in assets as of this month, Hermann said.
The bank was converted from a nationally registered bank to a state chartered, federal member bank in 2007, said Antoinette Clair, application manager for the Division of Banking of the state's Department of Regulatory Agencies.
CoBiz operates six banks in Arizona and 12 in Colorado, including five in Denver; two in Littleton and one each in Boulder, Louisville, Eagle, Edwards and Golden.
Contact Ned Hunter: 636-0275.