Evergreen National Bank has applied to banking authorities for approval to merge with Clear Creek National Bank, which is headquartered in Georgetown and has a branch and a drive-up bank in Idaho Springs.
All of the existing locations are expected to continue operating.
Both banks are owned by the same holding company, Evergreen Bancorporation of Evergreen but have been operated as independent banks for many years.
The original Evergreen State Bank, which opened in 1959, was founded by a group of businessmen, including Leo Bradley, who also founded Clear Creek National Bank in 1971.
Dave Brewick, president of Evergreen National Bank, has been president of both banks for the last three years.
“We just decided it was more expensive to have two separate charters and the expenses of running two separate banks. So we decided to do the merger,” Brewick said in a phone interview.
The same people will be managing the various locations, but the Clear Creek banks will operate as branches of the Evergreen bank, Brewick said.
Each bank has two boards of directors, two sets of regulators and duplicate audits. In the future, “there will be only one board, but the makeup has not been decided. We may keep most of the directors as a single body,” Brewick said.
If the two banks merge, the result will be a bank with about $100 million in assets, of which Clear Creek National Bank has about $25 million.
“Both banks have trimmed workforces over the past year through attrition, but it’s not about letting people go,” Brewick said. The combined banks have about 40 employees.
Clear Creek National Bank in Georgetown goes back to the Bank of Georgetown, which was founded in the same location in the late 1800s.
“I think (the new ownership arrangement) should be transparent. The same services and the same people will be present. It’s not going to represent any change in service, philosophy or management,” Brewick said.
Evergreen National Bank has been owned by the group since 1980. The current owners are members of the Leo Bradley family, namely Leo’s son and daughter, Jeff and Susan Bradley, and Leo Bradley’s widow; and 60 individual shareholders. Clear Creek National Bank is owned by the Bradley family.
Although Leo Bradley died in 2004, his son, Jeff, likes to say that Leo is still in charge in spirit. “Dad’s the archer, and I’m just the quiver carrier,” he said.
The board of directors of the Evergreen bank consists of Dave Brewick, Scott Smith, Mark Davidson, Mike Boland and Jeff Bradley. The board of directors of Clear Creek National Bank are Kathryn Isenberger, Susan Bradley, Robert Smith, Rod Brethower and Dave Brewick.
After starting the bank, Leo Bradley sold the downtown Evergreen bank to Colorado National in the mid-‘70s, and the Evergreen bank became a branch of Colorado National Bank, Jeff Bradley said. After Colorado National left downtown in 1977 or 1978, Leo Bradley started a new Evergreen National Bank in 1980.
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