Regulators Close Three Banks

Regulators closed three banks over the weekend - two in Colorado and one in Illinois.

""Colorado Capital Bank"":http://www.coloradocapitalbank.com/Home.aspx, Castle Rock, Colorado, and ""Signature Bank"":http://www.signaturebanks.com/, Windsor, Colorado, were closed by the Colorado Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.

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""First Chicago Bank & Trust"":https://www.firstchicago.com/, Chicago, Illinois, was closed by the Illinois Department of Financial and Professional Regulation, which also appointed the FDIC as receiver.

""First-Citizens Bank & Trust Company"":https://www.firstcitizens.com/, Raleigh, North Carolina entered a loss-share transaction with the FDIC on $580 million of Colorado Capital Bank's assets and will assume all the bank's deposits.

The seven branches of Colorado Capital Bank, the third Colorado bank to fail this year, totaled $717.5 million in assets and $672.8 million in deposits as of March 31, 2011.

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The FDIC estimates the transaction will cost its insurance fund $283.8 million.

Signature Bank, the fourth Colorado bank to fail this year, will be taken over by ""Points West Community Bank"":http://www.pwcbank.com/, Julesburg, Colorado.

Points West Community Bank will assume all of Signature Bank's deposits and purchase essentially all of its assets.

Signature Bank had $66.7 million in total assets and $64.5 million in deposits as of March 31, 2011.

The FDIC estimates the cost to its insurance fund will be $22.3 million.

""Northbrook Bank & Trust Company"":http://www.northbrookbank.com/about/general_welcome.html?gclid=CK--u6Xc-akCFQSt7QodDBUFCA, Northbrook, Illinois, entered a purchase and assumption agreement with the FDIC to assume First Chicago Bank & Trust's deposits.

Northbrook will purchase $880.7 million of First Chicago Bank & Trust's assets and pay the FDIC 0.5 percent to assume all the failed bank's deposits.

With seven branches, First Chicago Bank & Trust totaled $959.3 million in assets and $887.5 million in deposits as of March 31, 2011.

The FDIC and Northbrook entered a loss-share transaction on $699.8 million of the failed bank's assets.

The FDIC estimates the cost to its insurance fund will be $284.3 million.

The three banks closed this weekend make a total 51 FDIC-insured bank closings this year.