Question 1

What is Colfax Banking Company?

Accepted Answer

Colfax Banking Company is a community-focused commercial bank serving Grant Parish and Central Louisiana. With approximately $152.8 million in total assets and $139 million in deposits, the bank operates as a state-chartered institution supervised by the FDIC.

As a subsidiary of Community Bancshares Company, Colfax Banking Company specializes in providing full-service banking to individuals and businesses throughout its service area. The bank maintains five full-service branches across Louisiana, positioning itself as a regional institution combining modern banking technology with personalized, community-focused service.

Question 2

When was Colfax Banking Company founded?

Accepted Answer

Colfax Banking Company was established on January 1, 1901, making it one of Louisiana's oldest financial institutions with over 120 years of service. The bank was founded to serve the financial needs of the residents and businesses of Colfax and Grant Parish during a period of economic growth in Central Louisiana.

Throughout its history, the bank has evolved from a small-town institution to a multi-branch regional bank. A significant milestone occurred on October 19, 1983, when the main office relocated to its current headquarters at 625 Eighth Street in Colfax. The bank became FDIC-insured on January 1, 1934, shortly after the Federal Deposit Insurance Corporation was created.

Question 3

Where is Colfax Banking Company headquartered?

Accepted Answer

Colfax Banking Company is headquartered in Colfax, Louisiana, located in Grant Parish. The main office is situated at 625 Eighth Street, Colfax, LA 71417. This central location in the town of Colfax reflects the bank's deep roots in the community it has served since the turn of the 20th century.

Question 4

Where does Colfax Banking Company operate?

Accepted Answer

Colfax Banking Company operates exclusively within Louisiana, maintaining five full-service branches throughout the state. The bank's primary service area encompasses Grant Parish and the broader Central Louisiana region, including the Alexandria metropolitan statistical area.

The bank does not operate any offices outside of Louisiana, focusing its resources on serving local communities with deep knowledge of regional economic conditions and customer needs. This concentrated geographic footprint allows the bank to maintain strong relationships with customers and businesses in its market.

Question 5

What services does Colfax Banking Company offer?

Accepted Answer

Colfax Banking Company provides a comprehensive range of retail and commercial banking services designed to meet the needs of individuals and businesses in Central Louisiana. Personal banking services include checking and savings accounts, certificates of deposit, consumer loans, and Visa debit cards with convenient ATM access.

The bank offers mortgage lending services, including home purchase financing and refinancing options through an easy online application process. Commercial banking services encompass business checking and savings accounts, commercial loans, and commercial real estate financing to support local business growth.

Digital banking capabilities include mobile banking, online banking, and internet bill pay services, allowing customers to manage their accounts 24/7 from anywhere. The bank also provides telephone banking services and 24-hour automatic money transfer capabilities between accounts.

Question 6

What makes Colfax Banking Company unique?

Accepted Answer

Colfax Banking Company distinguishes itself through its combination of modern technology and traditional community banking values. The bank markets itself as offering "the best of both worlds" by investing in the latest banking technology while backing it up with first-class IT support and full-service physical locations.

With over 120 years of continuous operation in the same community, the bank has developed deep institutional knowledge of Grant Parish and Central Louisiana. This longevity has allowed multiple generations of families to bank with the same institution, creating lasting relationships.

As a community development financial institution (CDFI), Colfax Banking Company demonstrates a commitment to promoting economic development and providing financial services to underserved populations in its service area. The bank operates as an S-Corporation and maintains strong financial performance with a return on assets of approximately 1.1% and return on equity of 13.7%.

Question 7

What type of financial institution is Colfax Banking Company?

Accepted Answer

Colfax Banking Company is a state-chartered commercial bank operating under Louisiana state banking laws. The bank is supervised by the FDIC and is not a member of the Federal Reserve System, making it a "state charter and Fed nonmember" institution.

This classification means the bank operates with a state charter granted by Louisiana banking authorities while maintaining FDIC insurance (Certificate #8140) to protect depositors. As a commercial bank, it engages in both consumer and business banking activities, accepting deposits and making loans to individuals and businesses. The bank's charter allows it to provide a full range of banking services while maintaining its focus on serving the specific needs of its Central Louisiana market.

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