Regulators shut banks in Illinois and Colorado

July 8, 2011 - 6:29 PM

WASHINGTON (AP) — Regulators have shut down a bank in Illinois and one in Colorado, boosting to 50 the number of U.S. bank failures this year.

The Federal Deposit Insurance Corp. on Friday seized First Chicago Bank & Trust in Chicago and Colorado Capital Bank in Castle Rock, Colo.

First Chicago had about $959.3 million in assets and $887.5 million in deposits. Colorado Capital had about $717.5 million in assets and $672.8 million in deposits.

Northbrook Bank & Trust Co. of Northbrook, Ill., agreed to assume the assets and deposits of First Chicago; First-Citizens Bank & Trust Co., of Raleigh, N.C., assumed essentially all the assets and deposits of Colorado Capital.

The failures are expected to cost the deposit insurance fund $568.1 million, combined.