Fifth Colorado bank to close this year
10/24/2011
Community Banks of Colorado in Greenwood was closed by Colorado regulators on October 21. With assets of
$1.4 billion at June 30, the bank was rated E- (“Very Weak”) by Weiss at the time of failure. It was first
identified as “Weak” in December 2008. It reported a loss of more than $26.8 million for the six months ending
June 30 and had below-FDIC-mandated Tier 1 (5%) and risk-based capital (6%) ratios of 1.92% and 3.78%, respectively.
Nonperforming assets represented more than 12% of total loans.
Bank Midwest, NA of Kansas City, Missouri, with assets of $2.8 billion and a Weiss Financial Strength Rating
of C+ (“Fair”), assumed the deposits of Community Banks of Colorado.