Friday, October 02, 2009

Bank Failure #98: Southern Colorado National Bank, Pueblo, Colorado

by Calculated Risk on 10/02/2009 08:20:00 PM

Rocky Mountain High
Rarified Air, Rarer cash.
Where did it all go?

by Soylent Green is People

Form the FDIC: Legacy Bank, Wiley, Colorado, Assumes All of the Deposits of Southern Colorado National Bank, Pueblo, Colorado
Southern Colorado National Bank, Pueblo, Colorado, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of September 4, 2009, Southern Colorado National Bank had total assets of $39.5 million and total deposits of approximately $31.9 million. ....

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $6.6 million.... Southern Colorado National Bank is the 98th FDIC-insured institution to fail in the nation this year, and the third in Colorado. The last FDIC-insured institution closed in the state was New Frontier Bank, Greeley, on April 10, 2009.
Three down. Closing in on 100.