WASHINGTON ( TheStreet) -- Three banks failed Friday evening, bringing this year's total number of U.S. bank closures to 51.
First Chicago Bank & Trust
The Illinois Department of Financial and Professional Regulation shuttered First Chicago Bank & Trust, which had $595.3 million in total assets and $887.5 million in deposits. The Federal Deposit Insurance Corp. was appointed receiver, and sold the failed institution's deposits for a 0.50% premium to Northbrook Bank & Trust Company of Northbrook, Ill.Northbrook Bank & Trust is a subsidiary of Wintrust Financial (WTFC). In addition to the deposits, Northbrook Bank & Trust agreed to purchase roughly $880 million of First Chicago's assets, with the FDIC agreeing to cover 80% of losses on $699.8 million of the acquired assets. The failed bank's seven offices were scheduled to reopen during normal business hours as branches of Northbrook Bank & Trust. The FDIC estimated the cost of First Chicago Bank & Trust's failure to the deposit insurance fund would be $284.3 million. Northbrook Bank & Trust previously acquired the failed Community First Bank-Chicago in February. In March, Wintrust subsidiary Advantage National Bank Group acquired the failed Bank of Commerce, of Wood Dale, Ill.
Colorado Capital BankState regulators closed Colorado Capital Bank of Castle Rock, Colo., which had $717.5 million in total assets and $672.8 million in deposits. The FDIC was appointed receiver, and sold the failed institution to First-Citizens Bank & Trust Company of Raleigh, N.C. The FDIC agreed to cover 80% of losses on S580 million in assets acquired by First-Citizens and estimated the cost to the deposit insurance fund would be $283.8 million. Colorado Capital's seven branches were set to reopen on Monday as branches of First-Citizens. The acquiring bank is held by First Citizens Bancshares (FCNCA). First Citizens previously acquired the failed United Western Bank of Denver, in January.
Signature BankThe Colorado Division of Banking also shut down Signature Bank of Windsor, which had $66.7 million in total assets and $64.5 million in deposits. As receiver, the FDIC sold the failed bank to Points West Community Bank of Julesburg, Colo. Signature Bank's three offices were scheduled to reopen during normal hours as branches of Points West Community Bank.
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