Click here for more articles
First National buys Bank of Durango
4/27/2007 By: Times staff report
First National Bank of Durango announced Wednesday it had completed its acquisition of The Bank of Durango. The transaction had been pending since February of 2005.
The Bank of Durango operated one banking facility in Bodo Park. That location is now part of the First National network of offices located throughout La Plata County. By late summer, The Bank of Durango clients will have access to five full-service banking facilities.
First National has more locations than any other bank in the county.
“Growing up in Durango, I’ve witnessed the growth and inevitable change that comes with this growth. It is because of our enduring roots in this community that we have grown in size over the past 125 years, yet we haven’t lost the personal touch that people have come to expect from a community bank,” said Steve Short, president of First National Bank of Durango. “Having worked at First National for the past 23 years, I can proudly say that our commitment to this community and our focus on serving clients in La Plata County has stood the test of time. We look forward to welcoming clients from The Bank of Durango into our banking family,” said Short.
The integration of the two banks is expected to be completed sometime in late summer. Randy Hagen, formerly vice president of Bank of Durango, will be the manager for the Bodo office. Hagen joined The Bank of Durango in 2002 as a lender/credit analyst and was promoted to vice president in 2006 with responsibility for commercial lending activity. A resident of Durango for 18 years, Hagen is a graduate of Fort Lewis College where he majored in economics. He was elected to the board of directors and treasurer for United Way in March of 2007. “We view this merger as very positive for our many loyal clients,” Hagen said. “Our clients will become part of a local community banking family, not just a branch of a large network bank. With the added resources and services of First National, our Bank of Durango clients will have an excellent opportunity to build strong financial relationships with Durango’s premier community bank.”
Founded in 1882, First National Bank of Durango is the oldest and largest independent community bank in Southwest Colorado, the oldest national bank charter in Colorado and the 98th oldest bank in the United States.