FDIC Seizes 40 Branches Of Community Banks of Colorado

Bank Midwest To Assume Deposits

Deb Stanley, 7NEWS Producer
POSTED: 7:31 am MDT October 24, 2011
UPDATED: 11:10 am MDT October 24, 2011

DENVER -- Forty branches of Community Banks of Colorado reopened on Monday as branches of Bank Midwest.

The Greenwood Village-based Community Banks of Colorado was seized by the federal government on Friday. The bank is the sixth Colorado bank to fail this year, according to the Federal Deposit Insurance Corporation.

The FDIC agreed to allow Bank Midwest to assume all of the deposits of Community Banks of Colorado. Officials said deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship.

Customers of Community Banks of Colorado should continue to use their existing branch until they receive a notice from Bank Midwest, officials said.
Depositors can still access their money by writing checks or using ATM or debit cards, FDIC officials said. Checks drawn on the bank will also continue to be processed.

As of June 30, 2011, Community Banks of Colorado had approximately $1.38 billion in total assets and $1.33 billion in total deposits.

Customers with questions about the bank's seizure can call the FDIC toll-free at 1-800-405-1439.

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