Feds shut down United Western Bank

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Federal officials have closed United Western Bank of Denver.

The Federal Deposit Insurance Corp. said  that Raleigh, N.C.-based First-Citizens Bank & Trust Co. is assuming all deposits of the bank and agreed to buy essentially all its assets.

While the bank did not have any branches in Colorado Springs, it had eight branches in Denver, Longmont, Loveland, Fort Collins, Centennial and Boulder. The FDIC says the branches will reopen Monday as branches of First-Citizens Bank & Trust Co.

United Western Bank had about $2.05 billion in assets and $1.65 billion in deposits as of Sept. 30. The FDIC and First-Citizens Bank & Trust Co. entered into a loss-share transaction on $1.11 billion of the assets.

The FDIC estimates the cost to the Deposit Insurance Fund will be $312.8 million.

One Response to Feds shut down United Western Bank

  1. Another bank bites the dust and who is on the hook for the whole thing? Isn’t the FDIC out of money yet? Doesn’t look good for the US tax payer if you ask me.

    Hal (GT)
    January 24, 2011 at 2:52 pm