DEL NORTE – Del Norte has a long history here in the Valley and although back in the days when construction and loan banks were just starting to hit the market, they weren’t getting much interest outside of families. who were looking to buy or build a house. , now 100 years later, the fact that Del Norte Bank continues to offer its services to the community is nothing less than a huge accomplishment and a testament to the growth of the industry over the years.
Del Norte Bank President Mike Hurst is working on a book that will take readers back to the time of the bank’s founding and even highlight the history of the city it was built for. The bank was established on May 9, 1921 and has since grown into a major financial institution with two branches in Del Norte and Creede.
“We were formed in 1921 as the Del Norte Building Loan. It was formed with a lot of fan fair because half of the buildings here in the valley were built by those building and lending institutions that were around. Construction and loans were formed around the time of the founding of the country in Massachusetts to help people build houses and it didn’t really take root in the San Luis Valley until the early 1900s ” , said Hurst.
In an excerpt from the upcoming book on the history of Del Norte Bank, he says: “Del Norte Bank has gone through many transitions and transformations in its 100-year history. Incorporated on May 9, 1921 as the Del Norte Building and Loan, it began with great fanfare as the best way to ensure robust housing expansion.
As laws and the banking system have changed, so have the building and lending. Although incorporated in 1921, the Del Norte Building and Loan began its long evolution with its first change through the Federal Home Loan Bank System and the Home Owners Loan Act of 1933. On May 14, 1934, Del Norte Building and Loan Association changed its charter to become the Federal Savings and Loans Association Del Norte. While this marked a modernization of the construction and loan system, the mission has remained the same. Ensuring access to capital to build adequate housing was to be the only mission of the association for another 70 years.
Over the years the bank found its home in several locations including law firms, the Windsor Hotel at one point, but it wasn’t until later in the 1960s that the bank moved into his own building next to the Del Norte post office and later in the building where he resides today to this day in 2007.
From another excerpt from the book, he talks about some of the difficulties the bank has been able to overcome in recent years, marking the establishment’s growth and resilience here in the valley, “The country’s banking environment has continued. to weaken, with hundreds of banks closing each year, but the Del Norte Federal Bank continued to perform well throughout 2009. There was a stable income stream and return on assets of 0.36 for cent and assets of $ 45.8 million. The quality of assets has now started to show more stress as people have been affected by the economic problems in the country. While delinquent and classified loans increased, they remained manageable, with loan staff reaching out to each struggling household one-on-one to develop appropriate plans and strategies to get through tough times. This personal contact resonated throughout the community, with the slogan “True. Local. Bank.’ become a real asset that weighs more and more weight. The Mutual Holding Company was completed on November 16, 2009. ”
Hurst hopes to hear more stories from the locals and add to the book in the years to come: “I can see this book grow as more and more people come forward with their family stories and we hope more people will come to share their stories for another edition of the book. We would like this to be a growing account of the history of Del Norte as well as the history of the bank, ”said Hurst.
Del Norte Bank plans to hold a celebration later this summer to coincide with Boxcar Days in early August. Hurst said more details will be released as they become available regarding specific dates and times. The event would be subject to change based on national and local COVID restrictions at that time, but Hurst remains optimistic for a summer celebration. Stay tuned for more details to come!
