DENVER - Though U.S. banks have seen difficulty for the past couple of years - marked by millions of dollars of borrowed federal funds - some banks are beginning to see a comeback.
If 2008 saw the crash and burn of banking, small local banks are hoping to be the newborn phoenix of the industry, remerging from the loan crisis embers.
Jim Basey, chairman and CEO of Centennial Bank in Denver, is taking advantage of the opportunity for what he calls clean banks - those without loan and other problem assets.
"We can use our capital to make loans in Colorado, instead of collecting loans," said Basey.
Local banks are playing off the same philosophy that drives small businesses. For these smaller institutions, loans based on personal relationships and entrenchment in the community is key.
"I believe there are more opportunities for small business today from banks like ourselves, and banks that look at relationship banking as the important thing and look to craft creative solutions for those businesses," said Basey.
(KUSA-TV © 2011 Multimedia Holdings Corporation)