Failed Bank List

Closed Friday, July 22, 2011 · Greeley, Weld County, Colorado

Bank of Choice

Bank of Choice's founding in 1896 put it past its 100th year when it closed. In the three years to the first quarter of 2010, its assets grew 175%. It reported a net loss in three of its final nine reporting years.

On the books, 2003 to 2011

Total assets and equity capital each quarter before closing, and the estimated lossTotal assetsEquity capitalEstimated loss$0$400M$800M$1.2B$1.6B2004200520062007200820092010Closed
Total assets peaked at $1.3 billion and were 28% lower at the final report. Equity capital went from 7.6% of assets in the third quarter of 2003 to 1.9% at the last report. By then 16% of its loans were 90 days or more past due or no longer accruing interest. The deepest annual loss, $59.5 million, was booked in 2010.
Net income in each reporting year before closing, with equity capital as a share of assets at year endNet income per yearEquity to assets at year end$60M−$60M2003: $2.4 million20037.3%2004: $2.5 million20047.0%2005: $1.3 million20057.4%2006: $4.4 million200615%2007: $4.1 million200714%2008: $1.2 million200811%2009: −$51.0 million20097.5%2010: −$59.5 million20102.3%2011: −$14.9 million2011*1.9%
* 2011: January to June only, the last report before closing.

Size against the other 2011 failures

Total assets of the 92 banks that failed in 2011, log scale$10M$100M$1B$10B
Total assets of each 2011 failure, log scale; Bank of Choice in red.

By assets it ranked eighth of the 92 failures in 2011. Within Colorado it ranks sixth by size of the 98 failures recorded since 1934. Across the failures of 2011, the median estimated loss came to 23% of assets. Ranked by estimated loss, it is 266th of 2,944 failures since 1934. In the size ranking of that year, just above it was Bank of the Commonwealth of Norfolk, Virginia ($985 million, loss 24% of assets); just below, First Chicago Bank & Trust of Chicago, Illinois ($897 million, loss 22% of assets). Every 2011 failure in the explorer.

Two other banks closed that day; the largest was LandMark Bank of Florida of Sarasota, Florida, at $266 million.

Failures in Colorado

It was one of six banks in Colorado to fail in 2011. The previous failure there was Signature Bank of Windsor, on July 8, 2011. The next was Community Banks of Colorado of Greenwood Village, on October 21, 2011. Weld County has 4 failed banks on FDIC record since 1934. The others: Hereford State Bank (1984), New Frontier Bank (2009), Signature Bank (2011).

Bank failures in Colorado per year, 1980 to 2026051015201981: 11983: 11984: 21985: 71986: 71987: 141988: 111989: 201990: 111991: 31993: 11998: 12009: 32011: 62015: 119801990200020102020
Per year since 1980, 2011 in red. Every Colorado failure

The acquiring bank

Bank Midwest, N.A. of Kansas City, Missouri took over two failed banks between 2000 and 2026. The other:

  • Community Banks of ColoradoGreenwood Village, CO · October 21, 2011

FDIC certificate 2994 · loss estimate as of July 31, 2026 · How to read this page