Three Top 40 Closings This Week (developing article)

The southeastern U.S. was sparred the regulators axe this week as three of the Top 40 banks closed week all came from relatively fewer, centrally located Colorado and Illinois.

6th ranked, Colorado Capital Bank of Castle Rock, Colorado, was closed today by the Colorado Division of Banking. First-Citizens Bank & Trust Company of Raleigh, North Carolina (895th) agreed to acquire nearly all of the approximately $717.5 million in total assets of the former bank and added roughly $672.8 million to its deposit base. The acquisition includes a loss-share transaction on $580.0 million of Colorado Capital Bank's assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $283.8 million.

23rd ranked, Signature Bank of Windsor, Colorado, was also closed today. The approximately $66.7 million bank, in terms of total assets, was acquired by a similarly sized Points West Community Bank of Julesburg, Colorado (4215th). The FDIC estimates that the cost to the DIF will be $22.3 million.

28th ranked, First Chicago Bank & Trust of Chicago, Illinois, was the largest closing of the week. Its seven branches were acquired by Northbrook Bank & Trust Company (514th) of Northbrook, Illinois. First Chicago Bank & Trust had approximately $959.3 million in total assets, of which Northbrook agreed to purchase about $880.7 million. The FDIC and Northbrook Bank & Trust Company also entered into a loss-share transaction on $699.8 million of First Chicago Bank & Trust's former assets. The FDIC estimates that the cost to the DIF will be $284.3 million.