Colorado banking regulators took a major step Thursday to resolve a year-long dispute between Colorado and Missouri banks over the name Central Bank.
The Colorado Banking Board unanimously approved a request by Central Trust Bank of Jefferson City, Mo., to use the names Bank Central and CTB Bank in Greenwood Village and Durango. The bank also operates a branch at the University Village Colorado shopping center under a previously approved name — Mortgage Central.
State Banking Commissioner Ken Boldt said the approval gives Central Trust Bank the right to use any of the three names anywhere in Colorado.
Farmers & Stockmens Bank of Clayton, N.M., has used the Central Bank & Trust name in Colorado since opening its Colorado Springs office in 2009. It has been fighting with the Missouri bank over different versions of the Central names in federal court and before the banking board. Farmers & Stockmens didn't object to Central Trust's latest request.
David Minton, president and CEO of the Missouri Bank, said Central Trust is "still working through the process" of which name to use in Colorado Springs.