1stBank to close Gunbarrel branch

The oldest bank in the Gunbarrel-Niwot area is closing in March. FirstBank announced that the Gunbarrel branch, which opened in June, 1975, will be closing March 7, 2023, due to lack of foot traffic at the location.

Kevin Classen, a Niwot resident who is president of Firstbank Holding Company, cited the changing nature of banking brought on by online banking, and Covid concerns. Customers are now able to deposit checks with their phones, and almost all merchants now accept credit cards with the declining use of cash. Classen indicated that the bank building is on a ground lease with approximately two years to go.

One of the biggest inconveniences for customers of the Gunbarrel branch is the need to move their safety deposit boxes. Fortunately, other nearby FirstBank branches have been able to pick up the slack.

When FirstBank opened a branch in Gunbarrel in 1975, it was the only bank in the Niwot-Gunbarrel area. According to the Niwot Historical Society, the Niwot State Bank, located at 102 2nd Avenue in Niwot, which is now the home of Porchfront Homes, closed in 1931, a victim of the Great Depression.

Niwot is now home to two banks - Bank of the West at 97 2nd Avenue, and Bank of Estes Park - Niwot Branch at 7980 Niwot Road in the Niwot Market building at Cottonwood Square.

Gunbarrel's only other bank is a Chase bank branch, not far from the FirstBank location.

FirstBank ranks as the third largest privately held bank in the nation and is recognized as one of the most philanthropic organizations in Colorado and Arizona. The bank also has locations in California.

Following the closure, the closest FirstBank branch for Niwot residents will be the Twin Peaks location at the intersection of the Diagonal Highway and Hover Road in Longmont. Gunbarrel residents will be closest to the FirstBank branch at 2835 Pearl Street, Suite A, in Boulder, or the 4770 Baseline Road location just off of Foothills Parkway, or the Louisville location at 500 McCaslin Boulevard.

Chad Mitchell, president of the FirstBank Boulder County, said the Gunbarrel branch tried everything to increase traffic, including food trucks, flyers on windshields and special promotions. In the end, there was not enough traffic to keep it going. Mitchell, who oversees all of FirstBank's Boulder County branches, including Firestone, will move his office to the 28th and Pearl location in Boulder.

FirstBank made the move to consolidate operations of all locations in Boulder, Longmont, Louisville and Firestone in 2021, and Mitchell has been in charge of that process. "We have about $2.3 billion in assets with the Boulder County branches," Mitchell said.

FirstBank customers will not be required to change account numbers, or order new checks, and can obtain services at any FirstBank branch. Gunbarrel branch employees will be offered positions at other FirstBank locations.