Closed Friday, January 28, 2011 · Louisville, Boulder County, Colorado
FirsTier Bank
No bank took over FirsTier Bank's deposits: the FDIC paid insured depositors directly. In the three years to the first quarter of 2010, its assets grew 201%. Equity capital was below zero at its last report.
On the books, 2003 to 2010
Total assets peaked at $889 million and were 14% lower at the final report. Equity capital had covered 22% of assets in the fourth quarter of 2003. By then 25% of its loans were 90 days or more past due or no longer accruing interest. It reported a net loss in four of its final eight reporting years. The deepest annual loss, $36.2 million, was booked in 2009.
Size against the other 2011 failures
Total assets of each 2011 failure, log scale; FirsTier Bank in red.
By assets it ranked 11th of the 92 failures in 2011. Within Colorado it ranks seventh 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 168th of 2,944 failures since 1934. In the size ranking of that year, just above it was The Park Avenue Bank of Valdosta, Georgia ($849 million, loss 25% of assets); just below, Nexity Bank of Birmingham, Alabama ($758 million, loss 24% of assets). Every 2011 failure in the explorer.
Three other banks closed that day; the largest was First Community Bank of Taos, New Mexico, at $2.2 billion.
Failures in Colorado
It was one of six banks in Colorado to fail in 2011. The previous failure there was United Western Bank of Denver, on January 21, 2011. The next was Colorado Capital Bank of Castle Rock, on July 8, 2011. Boulder County has 4 failed banks on FDIC record since 1934. The others: Security Bank of Boulder (1988), First America Savings Bank, FSB (1990), BestBank (1998).