It is said that all politics are local and, to some extent, the same holds true
for the economy. The Colorado market is by no means booming but, compared to the
rest of the country, we have much for which to be grateful. Colorado did not experience
the kind of appreciation or growth that was seen in much of the U.S. over the past
few years. Ironically, this is now a strength in that we are not impacted as much
by the current market correction. We were fairly flat before, and that was relatively
weak compared to the rest of the nation. Our economy is still flat but relatively
strong in comparison to economic conditions elsewhere.
That being said, the national economy does have a material impact on Colorado. This
market, however, tends to play toward our strengths. We are rigorous in our underwriting
and conservative in our approach to risk. Over the past several years we were able
to grow despite these perceived obstacles due to the strength of our relationships
and service. In today’s environment, our careful approach is viewed as a clear positive
in the market and positions our Colorado banks to take advantage of the unique opportunities
that develop.