Northern Colorado credit unions continued Wednesday to reap a spurt in deposit and loan business with new soundings about CUs as safe havens following last Friday's failure of the largest bank in Greeley, a city of 75,000.
"I think we've opened 30-40 new accounts in the last two days and that's about what we do in a month," said Stacy Wamsley, director of marketing at the $48 million Weld Schools CU of Greeley. "It's been a steady flow and we're getting more today."
Lines of customers of the former $2 billion New Frontier Bank of Greeley, now in FDIC receivership, reportedly stretched around the block in the city, a college and ex-urban town 50 miles north of Denver.
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"What you are seeing is a flight to safety by consumers and an opportunity for credit unions as we develop new relationships," commented Terry Leis, president/CEO of the $860 million Credit Union of Colorado of Denver, whose Greeley branch has already opened 21 former New Frontier accounts.
Also gratifying, said CU executives, is the number of consumer and small business loans that are switching to CUs.
"I talked to our managers today and we're seeing an extra 5 to 10 accounts coming in at our branches and we expect to see a whole lot more in the next 30 days when folks realize the end of the liquidation," said Ed Bigby, president/CEO of the $120 million Norbel CU of Fort Collins, which also has a Greeley branch.
In closing New Frontier, the FDIC was unable to find a bank buyer setting up a Deposit Insurance National Bank for 30 days to allow customers to transfer accounts.
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