The steady stream of bank failures this year-25 in all-continues to boost deposit and loan business for credit unions. One of the latest surges occurring in northern Colorado following the collapse of the largest bank in Greeley, a city of 75,000 outside of Denver.“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, following the April 10 state and FDIC takeover of the $2 billion New Frontier Bank.“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 in Denver; CU of Colorado’s Greeley branch early on opened 21 accounts from former New Frontier customers.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.New Frontier had branches in Longmont and Windsor, two communities where many Denver and Fort Collins CUs have a marketing presence.The New Frontier failure was followed a week later by two more failures, the $180 million American Sterling Bank in Missouri taken over by Metcalf Bank, also in that state and the failure of the $180 million Great Basin Bank of Nevada, Elko, purchased by Nevada State Bank.–[email protected]

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

Your access to unlimited content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including and

Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.