Colorado Division of Banking

Colorado Division of Banking

102nd Annual Report

of the State Bank Commissioner of the State of Colorado

January 1, 2011 to December 31, 2011

DECLARATION OF POLICY

As a unit of the Colorado Department of Regulatory Agencies, the Division of Banking embraces the Department's mission of consumer protection and works to preserve public trust in the Colorado banking industry.

It is hereby declared to be the legislative policy of the Division of Banking, pursuant to Section 11-101-102, C.R.S., to protect the public interest by regulating the business of state chartered and/or licensed financial institutions under its supervision in such a manner as to:

PRESERVE AND PROMOTE Sound and constructive competition among financial services

institutions; A dual federal and state banking system; The security of deposits; The safe and sound conduct of the business of state

chartered/licensed financial institutions; and A statewide safe and sound banking system;

SEEK

Regulatory coordination and cooperation; Regulatory parity among financial services institutions; and Encourage diversity in financial products and services.

Working to Preserve Public Trust in Colorado Banking

102ND ANNUAL REPORT

OF THE STATE BANK COMMISSIONER

OF THE STATE OF COLORADO

To The Honorable JOHN W. HICKENLOOPER The Governor of Colorado For the Period January 1, 2011 through December 31, 2011

COLORADO STATE BANKING BOARD

Commercial Bank Representatives

Stephen A. Sherlock, Board Chairman

President/CEO Colorado East Bank & Trust

Thomas L. Goding, President

Bank of Colorado

Dennis F. Reece, President

The Citizens State Bank of Ouray

Richard E. Martinez, Jr., President/CEO

Young Americans Bank

Emily Robinson, President

FirstBank ? West

Money Transmitter Representative

Joseph Cachey III, CCO & Associate General Counsel

The Western Union Company

Trust Company Representative

Scott Pearson, President

MG Trust Company, LLC

Public Members

Adam P. Coyle Donald R. Sall

John W. Hickenlooper Governor

Barbara J. Kelley Executive Director

May 10, 2012

Division of Banking

Fred J. Joseph State Bank Commissioner

The Honorable John W. Hickenlooper Governor of Colorado State Capitol, Room 103 Denver, Colorado 80203

Dear Governor Hickenlooper:

I am honored to submit the 2011 Annual Report (Report) on behalf of the Colorado Division of Banking (Division) for all Colorado state-chartered commercial banks and trust companies, as required by the provisions of Section 11-102-304, C.R.S. The report also includes information on other entities regulated by the Division.

The Colorado economy improved during 2011. Colorado's unemployment rate was less than 8 percent as of December 31, 2011, an improvement from the 9 percent figure from the previous year. Also based upon recent examinations, it appears that bank's loan portfolios and earnings have improved significantly from last year.

The decline in the unemployment rate has obviously had a positive impact on bank's earnings as more individuals are able to keep up with their loan payments and obligations. In addition to the improvement in the financial condition of banks, those institutions have been able to divest themselves of real estate that they acquired during the economic downturn.

Trust activities at state-chartered trust companies were also affected by the volatility in the financial markets, but the industry continued to remain profitable.

I trust the information presented in the Report is helpful to you and your staff.

Sincerely,

Fred J. Joseph State Bank Commissioner

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download