Getting your player ready...
PUEBLO, Colo.—Federal regulators have closed Southern Colorado National Bank in Pueblo and arranged its sale to Wiley-based Legacy Bank.
Regulators closed Southern Colorado’s two locations late Friday because of bad loans to developers. David Barr of the Federal Deposit Insurance Corp. says depositors will suffer no losses.
The FDIC says the closure will cost the federal deposit insurance fund about $6.6 million.
Southern Colorado had assets of $39.5 million and deposits of $31.9 million as of Sept. 4.
Earlier this year, the FDIC took over New Frontier Bank in Greeley. It also sold Colorado National Bank in Colorado Springs to Herring Bank of Amarillo, Texas.
———
Information from: The Denver Post,
