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
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