Bank Failure
Bank of Choice
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Closed July 22, 2011 · Greeley, CO · FDIC Cert #2994.
- Closing date
- July 22, 2011
- Headquarters
- Greeley, CO
- FDIC Certificate
- 2994
- Total assets at closing
- $954.1M
- Total deposits at closing
- $818.7M
- Estimated loss to the insurance fund
- $135.6M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Bank Midwest, N.A.
Context
On July 22, 2011, regulators closed Bank of Choice, headquartered in Greeley, CO. At closing, the institution held approximately $954.1M in assets and $818.7M in deposits. The FDIC record names Bank Midwest, N.A. as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $135.6M.
By assets at closing this is the 226th largest of the 3,526 bank failures in the FDIC record, and the 8th of 92 in 2011. It falls in the period the record labels Global Financial Crisis (2008-2013), a period with 489 failures peaking at 157 in 2010.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Bank of Choice fail?
Bank of Choice was closed by regulators on July 22, 2011.
Who acquired Bank of Choice?
The FDIC record names Bank Midwest, N.A. as the acquiring institution in the resolution of Bank of Choice.
How big was Bank of Choice when it failed?
Bank of Choice had approximately $954.1M in total assets and $818.7M in deposits at the time of failure.
Other failures in 2011
| Date | Bank | Assets |
|---|---|---|
| Dec 16, 2011 | Western National Bank | $162.9M |
| Dec 16, 2011 | Premier Community Bank of the Emerald Coast | $126.0M |
| Nov 18, 2011 | Central Progressive Bank | $383.1M |
| Nov 18, 2011 | Polk County Bank | $91.6M |
| Nov 10, 2011 | Community Bank of Rockmart | $62.4M |
| Nov 4, 2011 | Sunfirst Bank | $198.1M |
| Nov 4, 2011 | Mid City Bank, Inc. | $106.1M |
| Oct 28, 2011 | All American Bank | $34.8M |
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