Colorado Federal Savings Bank is a small savings and loan based in Greenwood Village, Colo. Colorado Federal Savings Bank options open to consumers include savings accounts, certificates of deposits and mortgages. Bank customer service is one of the features on which Colorado Federal Savings prides itself. However, the bank remains somewhat conservative in its approach to openly providing historical and financial data about the business.
Colorado Federal Savings Bank has been in operation for over 20 years, but remains largely centered in their home state. The bank has only around 150 employees, most of which work from the Greenwood Village headquarters. The President and CEO of the bank is Mr. Randy Ilich. Total deposits held by the bank are over $509 million, and yearly revenues range from $20 million to $50 million.
In 2008, NBC news reported that, even though Colorado Federal Savings Bank is a very small regional bank, Research Associates of America put them on a national watch list of "troubled financial institutions." Ilich defended his bank, saying the group compiled the list based on old information, and Colorado Federal Savings Bank made it through the impending mortgage crises unscathed. In fact, the bank is financially stable and has one of the highest capital ratios in the industry.
Although Colorado Federal Savings Bank options are very limited, they price their options competitively. Many of their customers are area consumers who prefer to deal with a local, community bank that is financially stable, rather than a national bank.
Colorado Federal Savings Bank offers savings accounts and CDs. Online savings accounts can be linked to another external bank account to allow for free online transfers. The bank only allows customers six ACH withdrawals per month before a fee is charged. The minimum deposit to open a savings account is $2,500.
CDs are available to purchase from Colorado Federal Savings Bank online. The minimum opening deposit for a CD is $5,000. CD terms start at six months and have five more tiers up to five years. CDs automatically renew at the end of the term unless customers otherwise notify the bank. The penalty for early withdrawal is three months on CDs of one year or less and six months on CDs with terms longer than one year.
Colorado Federal Savings Bank customer service is available at branch locations, through an online email form and by calling their toll-free telephone number.
Colorado Federal Savings Bank is a small regional bank but is financially stable and secure. Online accounts are limited, and the bank recommends that customers link them with an external account for ease of use.