FIs closed: Bank of Choice, Greeley, Colorado, USA
On Friday, 22 July, 2011, Bank of Choice, Greeley, Colorado, USA 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 Bank Midwest, National Association, Kansas City, Missouri, to assume all of the deposits of Bank of Choice.
The 17 branches of Bank of Choice will reopen during their normal business hours beginning Saturday as branches of Bank Midwest, N.A. Depositors of Bank of Choice will automatically become depositors of Bank Midwest, N.A.
As of 31 March, 2011, Bank of Choice had approximately USD1,070 million in total assets and USD924.9 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 USD213.6 million.
Bank of Choice is the 58th FDIC-insured institution to fail in the USA this year and the fifth in Colorado.
Download PDF version of this page