New Park State Bank & Trust Loan Officers Reflect Teller County’s Housing Boom | Pikes Peak courier


WOODLAND PARK • Teller County’s housing boom continues. At Park State Bank & Trust, Larry Aiello and Jack Galsterer’s addition to the credit division reflects the steady pace of construction, commercial and residential loan applications.

“By day two, they each had a $ 1 million loan in the pipeline,” said Kathryn Perry, vice president of lending for the bank.

Galsterer attributes the real estate rush to the comparatively low interest rates. “Some want to build right away, others just want to buy land,” he says. “Land prices have gone up significantly over the past year, so people just want to get a foot in the door so they can build a house two or three years later.”

The race to buy is almost like the gold rush days of the past. “People buy land on the Internet without even looking at it,” said Tony Perry, the bank’s president.

Aiello and Galsterer are unique in that they have no experience in the lending business.

“We have a list of qualities we are looking for and both have checked all the criteria, character, integrity, smart, honest, mission-oriented, service-oriented,” said Tony Perry.

Galsterer recently graduated from Hillsdale College, Michigan with a degree in economics. “I wanted to get involved in business and entrepreneurship,” he said. “My mentor at Hillsdale taught me a lot about markets and human behavior, the psychological aspects of our economy.”

He joined an investment club, did an internship to learn about banking and investing, and looked for a career that involved business, economics, and the community. “What is unique and special about a community bank is that you invest incredibly in the people you work with,” said Galsterer. “Here you have a personal connection to the community, to the individual.”

Aiello is in the midst of an internship on the Department of Defense’s Hiring Heroes program. Aiello, a 30-year-old army veteran, was posted to Afghanistan and retired as chief of staff to a three-star general.

“Really, the army is a people business and it’s the same here, but the focus is different,” said Aiello. “You try to make people’s dreams come true, whatever they are, and listen to the story and what they need to bring to make it all happen. I enjoyed it.”

Aiello approaches the task with experience as a client who has received a construction loan for a new home in Woodland Park. “People need a lot of education to understand the process and product that we offer and how to fit in with it,” he said. “I think back to my time a few months ago when we set up the loan, it was very helpful.”

In the current real estate market, the effects of COVID-19 have been far-reaching. “The quarantine has made a lot of people think about life goals,” said Kathryn Perry, adding that the reflection often led to new places. “That happened to be Colorado.”

While the Woodland Park market is still hot, real estate is trending west to Divide and Florissant and on to Cripple Creek and Victor.

“I think people want more space and away from metropolitan areas,” said Tony Perry. “And now that people can work remotely, the trend becomes even more relevant.”


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