Cache Bank & Trust

Elevations Credit Union Announces Intent to Acquire Cache Bank & Trust (CBT) Assets

You’re in the right place for the latest information about the strategic acquisition recently announced by Elevations Credit Union and Cache Bank & Trust (CBT).


A Note from Elevations Credit Union’s President and CEO

From all of us at Elevations Credit Union, we are excited to announce this strategic acquisition together with Cache Bank & Trust. We truly look forward to our two community-minded institutions coming together to better serve the expanding membership.

While the acquisition is undergoing regulatory approval, we have provided answers to questions you may have here. This acquisition helps Elevations to accelerate our long-term vision of better serving northern Colorado and will allow us to expand our commercial lending, business banking, consumer banking and mortgage capabilities even further in both Larimer and Weld counties. After all, our mission is to create solutions for a better life for all of our members.

Sincerely,
Gerry Agnes, President and CEO of Elevations Credit Union


A Note from Cache Bank & Trust's CEO, President and Chairman of the Board

We have always strived to ensure our customers have the financial solutions that are right for them. That’s why we’ve chosen Elevations Credit Union for this acquisition.

We know Elevations is best suited to make long term investments that will benefit you, our customer, and we are confident this will be a great opportunity for you. While this acquisition is in the regulatory approval process, we hope you will look through the information here to help answer questions around the process and the acquisition.

Please rest assured that Elevations plans to preserve the local, community-minded culture in Greeley and Fort Collins, while providing even more opportunities for employees, clients and the community.

Thank you for being a customer of Cache Bank & Trust.

Sincerely,
Byron Bateman, CEO, President and Chairman of the Board for Cache Bank & Trust


Information for Cache Bank & Trust Customers

What's happening to Cache Bank & Trust?

Elevations Credit Union and Cache Bank & Trust have announced Elevations’ intent to acquire the assets of CBT.

Both organizations anticipate the acquisition will be finalized in the first quarter of 2020, with a full integration of the two operations in the third quarter of 2020, subject to regulatory approval.

Combined, the organization would have approximately $2.20 billion in assets and 141,700 members.

Cache Bank & Trust chose Elevations because it’s aligned with CBT’s culture to provide the best, personalized service for its customers, employees and community.

What do I need to do now?

Right now, it’s business as usual as a CBT client. Our goal is to make the transition as seamless as possible, and we will be in touch with you throughout the process to ensure this is the case. So that we may keep you updated, please:

  • Confirm your contact information: The most important thing you can do is confirm that your email address, mailing address and phone number are current with CBT.

  • Watch your mailbox: Be sure to check your mailbox and email, plus we'll be keeping this webpage updated with the latest information.

How will the acquisition affect my services?

There will be no disruption or changes in any current services to CBT clients. CBT will continue to operate normally as the acquisition undergoes the regulatory approval process. We will keep CBT clients updated on any changes by mail and email. We’ll also provide updates right here at elevationscu.com/cache-bank-and-trust.

What will I get out of the acquisition, provided it passes the regulatory approval process?

You will become a member of Elevations Credit Union.

You will have access to more services and locations across Colorado’s Front Range, making it easier and more convenient for you to bank.

What’s a credit union?

A credit union is a financial institution that offers a range of products and services.

Unlike a bank with stockholders, a credit union is member-owned. That means each member of Elevations contributes to the success of the credit union.

Credit unions are cooperative, and Elevations members get access to a nationwide network of shared credit union branches and ATMs called CO-OP.

A credit union is governed by a board of directors that is elected by the membership. At Elevations, the Board of Directors is responsible for setting the vision and direction of the credit union to expertly serve its members and provide high-quality financial services. Meet our Board of Directors here.

Does Elevations offer everything CBT does?

The mission of Elevations is to create solutions for a better life for our members. We are focused on providing the highest level of service plus financial education.

Elevations offers a full range of products and services, including checking and savings accounts, credit cards, mortgage lending, business banking and lending, commercial lending, home equity lines of credit, auto lending and wealth management services.

Elevations serves more than 140,000 members along Colorado’s Front Range.

Elevations has 13 branch locations along Colorado’s Front Range, including two branches in Fort Collins, one branch in Loveland and a mortgage office in Windsor. In addition, construction is underway on Elevations Old Town Fort Collins Branch at 221 E. Mountain Ave., with completion scheduled for early 2021.

The credit union is led by President and CEO Gerry Agnes. Meet the leadership team here.

Will my funds still be federally insured?

Yes. You will have comparable federal insurance for your funds. While banks are federally insured by the Federal Deposit Insurance Corporation (FDIC), credit unions are federally insured by the National Credit Union Administration (NCUA). At Elevations Credit Union, your deposits will continue to be federally insured to at least $250,000 and backed by the full faith and credit of the United States Government through the NCUA. Like the FDIC, the NCUA covers deposit accounts including single ownership accounts, joint accounts, retirement accounts (including Traditional and Roth IRAs), revocable trusts and irrevocable trusts. Just like the FDIC, speculative investments are not insured by the NCUA. The following products are not included in coverage: mutual funds, stocks, bonds, life insurance policies, annuities offered by affiliated entities.

Is Elevations financially stable?

Yes. Elevations is safe, secure and profitable, with a capital ratio of 10.9% as of June 30, 2019. This is well above the minimum threshold of 7 percent to be deemed well capitalized by the National Credit Union Association. The credit union is also well positioned for the future with positive growth in loans, membership, assets and deposits.

Elevations is award-winning.

Here’s a quick look:

  • First credit union to ever receive the Malcolm Baldrige National Quality Award for performance excellence

  • The No. 2 mortgage lender in Larimer County, No. 1 mortgage lender in Boulder and Broomfield counties, and No. 1 credit union mortgage lender in the state of Colorado

  • Loveland Readers’ Choice Awards: Ranked in top two of “Best Bank/Credit Union” category since 2015

  • Style Magazine Colorado: Second place for “Best Credit Union” for the last two years

  • Longmont Readers’ Choice Awards: Named “Best Financial Institution/Bank” every year since 2013

  • Boulder County Gold: Named “Best Financial Institution/Bank” for 19 of the last 20 years

Learn more about Elevations Credit Union.

If you have additional questions, please contact us.


Information for Current Elevations Members

As a member-owned financial institution, we are always looking for ways to ensure our members have the financial solutions that are right for them, along with the very best service. That’s why we are excited to announce, together with Cache Bank & Trust, our intent to acquire the assets of CBT. As an Elevations member, here's what you need to know:

  • Elevations remains committed to all of our members, and the acquisition is in the best interest of our entire membership

  • Elevations will continue to be headquartered in Boulder with our existing Board of Directors and executive leadership team

  • Elevations will only be strengthened by the acquisition of CBT, which has a similar relationship-focused and community-oriented approach

  • The acquisition will allow us to expand our commercial lending, business banking, consumer banking and mortgage capabilities in both Larimer and Weld counties.

  • The acquisition will also allow Elevations to expand its presence in northern Colorado and better serve all current members, while resulting in better banking access for CBT’s customers as well

Learn more about Elevations Credit Union.

If you have additional questions, please contact us.


Latest News

Press Releases:

September 3, 2019 | Elevations Credit Union and Cache Bank & Trust Announce Elevations’ Intent to Acquire CBT’s Assets

In the News:

September 3, 2019 | For the 1st time in Colorado history, credit union seeks to acquire bank’s assets

Boulder-based Elevations Credit Union revealed Tuesday that it is in the process of acquiring the assets of Greeley-based Cache Bank & Trust.


September 3, 2019 | Elevations Credit Union to acquire assets of local bank, Cache Bank & Trust

Elevations Credit Union, based out of Boulder, announced Tuesday it plans to acquire Cache Bank & Trust’s assets.


September 3, 2019 | Elevations Credit Union to acquire assets of Cache Bank & Trust

Elevations Credit Union is acquiring the assets of Greeley-based Cache Bank & Trust, the credit union announced Tuesday.


September 3, 2019 | Elevations to acquire assets of Greeley’s Cache Bank & Trust

Elevations Credit Union intends to acquire the assets of Greeley-based community financial institution Cache Bank & Trust, the credit union announced Tuesday afternoon.