Vectra Bank Colorado Chronology
Vectra Bank Colorado opened its first branch in Denver in 1988 thanks to two senior banking executives who, together
with a small group of investors, provided $9.8 million in capital to form the company. Their initial objective was to acquire
several strategically located, but underperforming banks, and transform them into a banking system that would provide a
broad package of products and services to customers and growth potential to shareholders.
By 1991, Vectra Bank had acquired nine locations and grew its assets to $162 million. In early 1994, it completed a public
offering with net proceeds totaling approximately $11.6 million.
In November 1995, Vectra acquired First Denver Corporation, a bank holding company whose primary operation was First
National Bank of Denver. This became the company’s 11th banking location. The day after Christmas, Vectra agreed to
acquire by merger Bank Land Co., a Colorado bank holding company that operated and owned approximately 92 percent
of Southwest State Bank in Denver.
For the next three years, Vectra continued to pursue a growth strategy with the
goal of maintaining and expanding a well capitalized, customer–focused
Meanwhile, Zions Bancorporation (Zions) entered Colorado in May 1997, seeking to increase its holdings in the state.
Zions originated as Keystone Insurance and Investment Co., a Utah Corporation, in April 1955.
After initially acquiring Aspen Bancshares, Zions began acquiring the 21 independent branches that formed Vectra Banks
in January 1998 – knitting together some of the most successful banks statewide. Vectra became part of the Zions group
of locally managed, regional banking networks that operated in 10 Western states.
Between 2000 and 2005, Zions merged Vectra’s 21 independent branches into one statewide franchise, and worked to
improve their credit administration and portfolio performance. It adopted a new strategic focus to serve small and middlemarket
businesses, their owners and employees.
As part of this effort, Zions launched a differentiated brand and worked to reinvent the bank. It sold 11 rural/agricultural
branches, centralized many operational functions, recruited new staff, and developed new dynamic sales performance
systems and culture.
Additionally, it shifted from serving the rural and retail markets to more metro and commercial markets. It also began
investing in high–growth business units: corporate, commercial, private banking, real estate, and executive/business
banking. In 2006, Zions ranked 11th in Colorado for deposits market share.
By 2007 – poised with solid infrastructure, credit quality, competitive product set, a clear business strategy and target
market Vectra had grown to 40 branches and offices located in 26 Colorado communities.
With 575 employees, it formed two business units: community banking (23 branches, $756 million in deposits, $702
million in loans and nearly 66,000 accounts), and Denver metro banking (17 branches, $914 million in deposits, more than
$1 billion in loans and nearly 51,000 accounts).
Today, Vectra offers comprehensive financial services for individuals and businesses, including personal and executive
banking, trust banking, online banking, investment services and business banking through more than 40 full–service
branches throughout Colorado. It is Colorado’s sixth largest bank with assets of $2.6 billion.