Barbara Danbom was among a group who helped transform Denver’s Young Americans Bank from nationally publicized idea to $14 million financial institution.
Starting this summer, it will be her job to lead the bank’s continuing evolution.
The nation’s only bank exclusively for youngsters on Friday tapped Danbom as its president and chief executive. Danbom, formerly chief financial officer, also will head the Young Americans Center for Financial Education, the bank’s companion nonprofit.
“I’m ecstatic,” she said during a news conference at the bank’s Cherry Creek headquarters, 3550 E. First Ave. “I’ve been here since the beginning, so it’s an honor the board elected me.”
Danbom, 51, will take over for Linda Childears, who this summer will move across the street to head the Daniels Fund, the region’s largest charitable foundation with $1.1 billion in assets.
Danbom will take over at Young Americans on July 1; Childears will assume her role at Daniels a month later.
Both organizations were founded by Denver cable television pioneer Bill Daniels, who died in 2000.
Danbom was the only person interviewed for the job, although the board did consider looking to outside candidates, said June Travis, a Young Americans board member.
Danbom provides a “unique blend of talents,” Travis said, citing Danbom’s knowledge of banking regulations and experience with Young Americans’ staff and mission.
Travis expects Danbom to expand Young Americans’ programs “to touch more kids” and “to carry out Bill’s vision.”
The organization’s main thrust will be to roll out an advanced curriculum that helps schools open student-run businesses on their campuses, Danbom said. In 2006, students at up to 15 Colorado schools will run those businesses, learning firsthand about balance sheets, profit margins and how to manage co-workers.
Young Americans Bank had $14.2 million in assets at the end of March, according to the Federal Financial Institutions Examination Council. It reported losing $96,000 during the first quarter, down from $108,000 during the comparable period last year.
Danbom will make a seamless transition, said Childears, chief of Young Americans since its inception.
“Barb is the perfect person for this position,” Childears said. “I’m certain Bill Daniels’ legacy will be well cared for.”
Staff writer Will Shanley can be reached at 303-820-1473 or wshanley@denverpost.com.
