FIs Closed: Colorado Capital Bank, Castle Rock, Colorado, USA
On Friday, 8 July, 2011, Colorado Capital Bank, Castle Rock, CO 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 First-Citizens Bank & Trust Company, Raleigh, North Carolina, to assume all of the deposits of Colorado Capital Bank.
The seven branches of Colorado Capital Bank will reopen on Monday 18 July as branches of First-Citizens Bank & Trust Company. Depositors of Colorado Capital Bank will automatically become depositors of First-Citizens Bank & Trust Company.
As of 31 March, 2011, Colorado Capital Bank had approximately USD717.5 million in total assets and USD672.8 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 USD283.8 million.
Colorado Capital Bank is the 50th FDIC-insured institution to fail in the USA this year and the third in Colorado.
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