Colorado bank failures could top $1 billion

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Banking regulators say five Colorado bank failures this year could cost the nation’s deposit insurance fund slightly more than $1 billion.

Federal Deposit Insurance Corp. spokesman Greg Hernandez says that represents a fifth of the $5 billion in overall losses to the fund from bank failures through July 22.

The Denver Post reports (http://bit.ly/ql9quy) that $1 billion exceeds the $970 million that three Colorado bank failures in 2009.

Only Georgia has a bigger toll, with 16 failures costing $1.5 billion.