Colorado Capital Bank, Signature Bank Fail
DENVER (AP) – Two more Colorado banks have failed this year, bringing the total to four.
The Federal Deposit Insurance Corp. said regulators closed Castle Rock-based Colorado Capital Bank and Signature Bank in Windsor on Friday.
It says Signature Bank’s branches will reopen as branches of Julesburg-based West Community Bank.
Meanwhile First-Citizens Bank & Trust Co. of Raleigh, N.C., is assuming all deposits Colorado Capital Bank, whose branches in Edwards, Boulder, Castle Pines, Denver, Colorado Springs, Greenwood Village and Parker will reopen Monday as branches of First-Citizens Bank & Trust Co.
The FDIC expects the two Colorado bank failures together will cost the deposit insurance fund $306.1 million. The FDIC said earlier this year that Colorado Capital was “critically undercapitalized” and that Signature was undercapitalized.
(Copyright 2011 by The Associated Press. All Rights Reserved.)