Community Banks of ColoradoThe 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.