New name for Palisades National Bank
The marquee outside the only bank in Palisade changed last week to reflect its new name: Colorado National Bank.
As far as Steve Ammentorp is concerned, that’s the only change customers of the 105-year-old financial institution formerly known as Palisades National Bank will see.
Community Bank Partners, a Denver-based bank-acquisition company, purchased Palisades National Bank from Bank of Choice in January, finalizing the deal at a time when the bank and its parent company were struggling with a series of bad loans and low capital.
Ten months later, Community Bank instituted the name change as it pushes to add customers in the Grand Valley and prepares to acquire other banks in Colorado.
“What it’s really about is our holding company purchasing other acquisitions and a naming consistency,” said Ammentorp, market president for Colorado National Bank.
Colorado National is Community Bank’s only purchase at this point, although the parent company hopes to close on the purchase of another bank by the end of the year, he said.
Ammentorp said bank customers don’t have to do anything in regard to the name change.
Checks and debit and ATM cards will continue to work as normal and will reflect the new name when check orders are placed and debit and ATM cards are replaced when they expire.
Community Bank had talked about naming the bank Colorado National Bank Palisades in a nod to its heritage, but owners ultimately decided against it for branding and trademark purposes.
Ammentorp said the number of account holders has held steady since Community Bank took over operations, saying the bank added some customers to replace those it lost with the closure of the downtown branch last spring.