Scott Applegate, president and CEO of Bank of Estes Park, was confirmed yesterday by the Colorado Senate Finance Committee to serve on the State Banking Board.
Applegate began serving on the board last summer under an appointment by Gov. Jared Polis, but state law requires such appointments to be confirmed by the Senate.
The State Banking Board oversees Colorado’s Division of Banking and is responsible for helping ensure the safety and soundness of state-chartered banks and money service businesses. Its duties include reviewing charters, monitoring financial institutions, and overseeing examinations.
During his hearing, Applegate pointed to more than 30 years of experience in Colorado banking, including leadership roles at banks of varying sizes in both urban and rural communities. He said his background in finance and economics, along with encouragement from banking leaders across the state, led him to accept the appointment.
Applegate told the members of the committee, which includes Sen. Janice Marshman, who represents Estes Park in Senate District 15, that he sees the role as a way to strengthen Colorado’s banking system while supporting the role local and community banks play in regional economies.
Born in Wyoming, Applegate spent his early years in several western states before moving to Colorado in 1991. He worked his way through college, earning a finance degree from Metropolitan State University of Denver, graduating with honors. He later completed advanced banking studies and an MBA in finance through the University of Washington.
Throughout his career, Applegate has built a reputation for combining modern banking technology with personalized customer service and relationship-based pricing. He is also known for his involvement in community development and nonprofit work.
Among the projects highlighted during the hearing were his roles in financing or supporting major developments, including Vestas in Brighton, Orchard Town Center in Westminster, Prairie Center in Brighton, the Westminster Townhome Revitalization project, and Larkridge Shopping Center in Thornton. During the housing crisis, he was also recognized for helping develop strategies to stabilize troubled projects and avoid broader impacts on homeowners and neighborhoods.
Senators also heard highlights of Applegate’s civic and educational service, including more than a decade as a guest lecturer in finance and economics at his alma mater. He has also served on the university’s Foundation Board and Alumni Board, as well as with organizations including the Better Business Bureau, Family HomeStead, Shiloh House, BeyondHome, Crossroads Assistance Ministry of Estes Park, regional and local economic development groups, and many community foundations.
He works to 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, the Estes Park Rotary’s Great Duck Race, Glen Haven Area Volunteer Fire Department, Bobcat Boosters, Estes Park Community Center special events, and The Bridge of Estes.
A 26-year Rotarian, Applegate is also a member of the Paul Harris Society.
When asked why he was willing to serve, Applegate framed community banking as essential to Colorado’s economy.
“The businesses of the main streets of Colorado, and of all of the country roads that connect them, are the backbone of the Colorado economy,” Applegate said. “And the nervous system within that backbone is the local, community banking system in our State.”
He said that the banking system must remain “safe, sound, liquid, well capitalized, resilient, and responsive to the needs of Coloradans in order for the economy to thrive.”
The nine-member Senate Finance Committee confirmed Applegate by a unanimous vote, with one member absent.
His confirmation makes him one of five executive bankers serving on the nine-member State Banking Board. Under Colorado law, the board also includes an executive officer of a trust company, an executive officer of a money transmitter company, and two public members.
Applegate and his wife, Brandi, moved to Estes Park along with their two daughters in 2015. Before being named CEO of the Bank of Estes in 2023, he served as the bank’s chief credit officer and senior vice president. Outside of work, Applegate enjoys hiking and motorcycles, and he remains deeply connected to the small-town values that drew him to Estes Park.
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