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Bank of Choice, a Greeley-based bank with 19 locations throughout the northern Front Range of Colorado, has raised $15 million in private capital through a common stock offering.
Bank of Choice has boosted its loan-loss reserves by an additional $14 million in the first two quarters to cope with problem loans and declining real estate values. It is also seeing strong demand for loans.
“In today’s market, capital is king,” chief executive Darrell McAllister said in a statement. “The ability of Bank of Choice to raise $15 million in private capital is a testament to the strength of our organization and the confidence we have earned from our community and shareholders.”
