Premier Bank, Denver, Colorado, was closed today by the Colorado Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with United Fidelity Bank, fsb, Evansville, Indiana, to assume all of the deposits of Premier Bank.
The two former branches of Premier Bank will reopen as branches of United Fidelity Bank, fsb during their normal business hours. Depositors of Premier Bank will automatically become depositors of United Fidelity Bank, fsb. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of Premier Bank should continue to use their existing branch until they receive notice from United Fidelity Bank, fsb that it has completed systems changes to allow other United Fidelity Bank, fsb branches to process their accounts as well.
This evening and over the weekend, depositors of Premier Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
As of March 31, 2015, Premier Bank had approximately $31.7 million in total assets and $29.6 million in total deposits. In addition to assuming all of the deposits of the failed bank, United Fidelity Bank, fsb agreed to purchase essentially all of the assets.
Customers with questions about today’s transaction should call the FDIC toll-free at 1-(800) 913-5861. The phone number will be operational this evening until 9:00 p.m., Mountain Daylight Time (MDT); on Saturday from 9:00 a.m. to 6:00 p.m., MDT; on Sunday from noon to 6:00 p.m., MDT; on Monday from 8 a.m. to 8 p.m., MDT; and thereafter from 9:00 a.m. to 5:00 p.m., MDT. Interested parties also can visit the FDIC’s Web site at https://www.fdic.gov/bank/individual/failed/premier-co.html.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $4.4 million. Compared to other alternatives, United Fidelity Bank, fsb’s acquisition was the least costly resolution for the FDIC’s DIF. Premier Bank is the sixth FDIC-insured institution to fail in the nation this year, and the first in Colorado. The last FDIC-insured institution closed in the state was Community Banks of Colorado, Greenwood Village, on October 21, 2011.
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