“It’s not well known, but the economic impact a community bank has, especially a locally owned one, is huge,” said Scott Applegate, President and CEO of the Bank of Estes Park who was elected to the board of directors of the Independent Community Bankers of Colorado at the organization’s 51st Annual Convention held in Vail.
Providing community education about those impacts is what Applegate sees as his major role in his position on the state-wide board. “Community banks take a decent amount of what big banks would call profits and donate those to the community.” That, he said, is why he advocates for community banks. “I am honored and excited to serve in this important capacity.”
His initial term with the ICBC is for three years and most members of the board serve a second term. According to Applegate, community banks provide a forum that promotes ideas, relationships, and common objectives, including common legislative and regulatory actions.
The ICBC board is comprised of 24 board and advisory members who represent 55 independent member community banks across Colorado. The organization also advocates for all 125 community banks in the state.
Since being named President and CEO of the Bank of Estes Park in 2023, Applegate has raised community awareness of his bank’s sponsorship of many Estes Park projects including “Plant a Book, Grow A Child,” Sunrise Rotary Club’s Arts and Crafts Show, Autumn Gold, Estes Park Chamber of Commerce, Estes Valley Crisis Advocates’ Souper fundraiser, Estes Park Duck Race, Glen Haven Area Volunteer Fire Department, Bobcat Boosters, Estes Park Community Center special events, and The Bridge of Estes.
The Bank of Estes Park is not only a community bank, but according to Applegate, it is “truly local” because it is headquartered in the Estes Valley where the majority of its ownership is also located.
Having moved to Estes Park from the Denver area, Applegate was chief credit officer and senior vice president at the Bank of Estes Park for eight years before being chosen to succeed retiring President and CEO Tim Hull. With two offices, one downtown and a branch facility on South St. Vrain, Applegate oversees 27 employees.
Applegate and his wife Brandi moved to Estes Park along with their two daughters in 2015.