Alpine Banks Borrows $70 Million in Federal Stimulus Money

By: Jessica Zartler Email
By: Jessica Zartler Email

Alpine Banks is borrowing $70 million in federal stimulus money. It's the largest by a Colorado bank since the program started last October.

Under the Troubled Asset Relief Program, also known as T.A.R.P., healthy banks can sell shares to the government and in exchange, the banks get cash that the treasury hopes will get lent out to communities to stimulate the economy.

Glenwood–based Alpine Banks says it has not had a problem with capital but because of the uncertainty of the market, the company wants to make sure it has more than enough.

"We don't know if this is the bottom, the middle or if we're on our way back up. It's so hard to tell but our feelings are that we want to have the strongest capital base that we can so that we're here to take care of our community," Bank President Norm Franke told 11 News on Monday.

Alpine Banks says it plans to make a lot more loans with the money but says it is not loosening requirements.

Atleast six other banks across the state have borrowed money through the program.

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