CoBiz Financial (COBZ) in Denver plans to enter two new markets and create a private-banking division.
The $2.6 billion-asset company said Wednesday that its Colorado Business Bank will open branches in Fort Collins and Colorado Springs. CoBiz said it is looking for locations in the two cities.
CoBiz hired Douglas Wood to manage operations in Fort Collins, and Tim Stack will direct the Colorado Springs branch. Wood was the Fort Collins regional manager for Capital West Bank in Laramie, Wyo.; Stack had been a senior vice president with CoBiz Wealth, the company's wealth-management affiliate.
Colorado Business Bank will have 13 branches once the new markets open.
"We want to take advantage of the momentum we've built in Colorado and expand into two of the state's most vibrant markets," Scott Page, Colorado Business Bank's market president, said in a press release. "We believe our high-touch business banking model will be well received and anticipate both new banks will reach profitability by 2015."
Separately, the company hired Joanne Field to oversee the formation of a private bank, which will operate in Colorado and Arizona. Field had been at First Western Trust in Denver, where she was president of the Rocky Mountain region.