Oil boom helps propel banking business
Bankers, too, have enjoyed a boost in lending activity, thanks to the growth in the oil business in Northern Colorado.
Take, for example, a recent $11 million loan to Loveland-based McWhinney for a building in Johnstown leased by Houston-based Fiberspar.
The 165,000-square-foot building was completed in December and houses sales and distribution employees of the company, which produces fiber-reinforced piping for the oil and gas industry.
Fiberspar has a long-term lease for the property.
The new facility was made possible by a loan from Denver-based Guaranty Bank & Trust, which operates throughout Northern Colorado.
Guaranty, like most other banks doing business in the region, says it has seen an increase in loan levels in recent quarters because of the overall improvement in the economy.
In fact, five of the eight banks based in Northern Colorado have seen an increase in their assets since Houston-based EOG Resources discovered the oil well "Jake" in 2009.
The oil and gas boom, particularly in Weld County, has helped bolster loan levels at Guaranty in two lending areas most closely tied to drilling:
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