FI's Closed: Signature Bank, Windsor, Colorado, USA
On Friday, 8 July, 2011, Signature Bank, Windsor, Colorado was closed by the Colorado Division of Banking and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
To protect the depositors, the FDIC entered into a purchase and assumption agreement with Points West Community Bank, Julesburg, Colorado, to assume all of the deposits of Signature Bank.
The three branches of Signature Bank will reopen during normal business hours as branches of Points West Community Bank.
As of 31 March, 2011, Signature Bank had approximately USD66.7 million in total assets and USD64.5 million in total deposits.
No premium was paid for the deposits.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD22.3 million.
Signature Bank is the 51st FDIC-insured institution to fail in the USA this year and the 4th in Colorado.
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