Advantage Bank improving, other banks looking up in Q1
Northern Colorado’s last “troubled” bank is raising capital and getting healthier quarter-by-quarter. A branch sale in April and a capital campaign launched in November have both boosted some of the most important indicators of a bank’s health.
The sale of the Boulder branch of Advantage to Citywide Banks closed in April, according to Advantage CEO Tom Chinnock.
The sale reduced the bank’s asset base by approximately $50 million, but trimming operations was a better tactic than holding onto the branch since its sale brought money in.
Loveland-based Advantage now has three branches, all located in Northern Colorado.
The capital campaign, meanwhile, raised $3.5 million through March 31, and Chinnock said he believes that even more will be brought in as the year progresses.
“The campaign is ongoing and I am optimistic that additional capital will be raised this quarter and next,” he said.
The campaign involves a stock offering to shareholders of the bank’s holding company, Advantage Bancorp Inc. Terms of the stock offering were not disclosed
More breaking news...
Advantage Bank: Still fighting the fight
Capital West rebrands, switches charters
Sometimes, though, banks choose to make shifts of their own volition.
Take, for example, Wyoming-based Capital West