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FORT COLLINS — Three banks in Larimer County hope to merge into one locally owned bank by buying out a major shareholder.
The Fort Collins Coloradoan reports that Gerard Nalez ny and Mark Kross have raised 80 percent of the $14.5 million they need to buy out Capitol Bancorp Ltd. Capitol owns 51 percent of Fort Collins Commerce Bank, Larimer Bank of Commerce and Loveland Bank of Commerce.
The banks have $200 million in assets and are the top Small Business Administration lenders in northern Colorado.
The state banking division has approved the move. Nalez ny expects Federal Reserve approval by Oct. 30.
