First National Bank of Julesburg v. Banking Board of the State

BERMAN, Judge.

The First National Bank of Julesburg petitions for review of a decision by the Banking Board (Board) which granted a charter to the Sedgwick County Bank. We affirm.

In 1979, applicants, incorporators of the Sedgwick County Bank, filed for a charter with the Division of Banking. The bank was to be located in the vicinity of Jules-burg, Colorado. Each incorporator subscribed 20% of the proposed stock and agreed to pay the total purchase price “in cash upon demand prior to or commensurate with the granting of a charter to the proposed bank.”

Petitioner, the only commercial bank in…