Community Banks of Colorado
The largest institution to fail on Friday was Community Banks of Colorado, of Greenwood, which had total assets of $1.38 billion and $1.33 billion in deposits when it was seized by the Board of Governors of the Federal Reserve System.
The FDIC was appointed receiver and sold the failed institution to Bank Midwest, NA, of Kansas City, Mo.
The 40 branches of Community Banks of Colorado were scheduled to reopen during normal business hours as branches of Bank Midwest, NA.The FDIC agreed to cover 80% of losses on $714.2 million in assets acquired by Bank Midwest, NA, and estimated the cost of Community Banks of Colorado's failure to the deposit insurance fund would be $224.9 million.
Thorough Bank Failure CoverageGeorgia leads all states with 22 bank failures this year, followed by Florida, with 12 failures, and Illinois, with eight bank closures. All 404 bank and thrift closures since the beginning of 2008 are detailed in TheStreet's interactive bank failure map:
Philip van Doorn. To follow the writer on Twitter, go to http://twitter.com/PhilipvanDoorn.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV