2009: Colorado National Bank, Colorado Springs, CO was closed by
the Office of the Comptroller of the Currency. The Federal Deposit
Insurance Corporation (FDIC) was named Receiver.
As of December 31, 2008, Colorado National had total assets of $123.5 million and total deposits of $82.7 million.
The FDIC entered into a purchase and assumption agreement with Herring Bank, Amarillo, Texas, to assume all of the deposits of Colorado National.All deposit accounts have been transferred to Herring Bank, and are available immediately. On March 21, 2009, the four former Colorado National Bank locations reopened as branches of Herring Bank.
Transferred deposits will be separately insured from any accounts you may already have at Herring Bank for six months after the failure of Colorado National Bank. All interest accrued through Friday, March 20, 2009, will be paid at your same rate; however Herring Bank will be reviewing rates.
The FDIC and Herring Bank entered into a loss-share transaction. The FDIC will share 80/20 percent in the losses with Herring Bank on approximately $62 million in assets covered under the agreement. In addition to assuming all of the deposits of the failed bank, Herring Bank agreed to purchase approximately $117.3 million in assets at a discount of $4.2 million, and pay a discount of 1.27% percent on deposits. The FDIC will retain the remaining assets for later disposition.
The FDIC estimates that the cost to the Deposit Insurance Fund will be $9 million.
For additional information and assistance contact the FDIC at: 800-830-4698 or go to: http://www.fdic.gov/bank/individual/failed/coloradonational.html
|2009 FDIC Insured Failed Banks|
3110 North Nevada Avenue
Colorado Springs, CO 80933
|Assets: $124 million|
|Deposits: $83 million|
|Cost to FDIC: $9 million|
Creditor Claims: Claims
against failed financial institutions occur when bills sent to the
institution remain unpaid at the time of failure. Shortly after the
failure, the FDIC sends notices directly to all known service providers to
explain the claim filing process. If you provided a service for
Colorado National Bank and have not received a notice, please contact:
Federal Deposit Insurance Corporation
Unclaimed FDIC Insured Deposits
Note: There are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes ...
insured depositor fails to make a claim an insured or transferred deposit
within 18 months after the FDIC initiates the payment of insured deposits,
the transferee institution must refund the deposit to the FDIC, and all
rights of the depositor against the transferee institution are barred.
The FDIC then remits the insured deposit to the custody of the unclaimed property administrator in the account owner's home state, unless that state declines to accept custody. Upon delivery, the FDIC is deemed to have made payment to the depositor, and all rights of the depositor against the FDIC are barred.
Most states allow claims in perpetuity, but there's a reversion clause. If a depositor does not claim the deposit delivered to the custody of the State within 10 years of the date of delivery, the deposit must then immediately be refunded to FDIC, and all rights of the depositor against the state are barred.
It's important to note that If a state declines to accept custody of the deposit - which they sometimes do - the depositor must claim the funds from the FDIC before the receivership is terminated, or all rights of the depositor with respect to the deposit are barred. Dividends for credits arising from uninsured portions of a deposit may, however, be claimed after the receivership is terminated if a dividend check was returned by the post office for a bad address.
Be aware that due to the number of mergers and acquisitions in the banking industry over the years, it is possible you or a deceased family member might well have an account at a failed bank and not know it. Additionally, unclaimed safe deposit boxes at closed branches may be drilled and the contents sold at auction just weeks after closing, so prompt action is advised. For assistance go to: Unclaimed Account Search
Established on Established on
9/24/1963 as Northern National Bank
10/1/1985 - Name changed to Northern Colorado Springs National Bank
01/1/1991 - Name changed to Colorado Springs National Bank
01/3/2003 - Name changed to Colorado National Bank