Colorado Home Insurance Estimates

Recession hits Colo. banks late; 5 fail this year

The downturn in real estate at a time of high unemployment, foreclosures and bankruptcies led to five Colorado bank failures this year that could cost the nation's deposit insurance fund about $1 billion, or about one-fifth of the fund's overall losses in 2011.

At least half a dozen more Colorado banks are under consent orders from the Federal Deposit Insurance Corp. to raise more capital.

In all, eight banks have failed in Colorado since 2008 -- a number that pales in comparison to the dozens that California, Florida, Georgia and Illinois each have had. Banks in those states have dealt with a cascade of bad loans as the real estate market suffered. Georgia has had 67 failures, far more than any other state.

Banking consultant Bert Ely suspects the problems in Colorado were slower to emerge. The state had no failures in 2010.

"One of the things that makes it difficult to predict when banks are going to fail is how quickly regulators act to close a troubled bank, in terms of detecting problems in the first place," he said. "That may be part of problem."

The $1 billion FDIC estimate represents losses through July 29 for the fund that protects depositors' balances, up to $250,000 per account.

In each failure, the FDIC had ordered the bank to raise more capital. It also ordered several to evaluate their management, and some, the FDIC warned, had too many loans concentrated in a particular area like construction and development, which struggled after 2008.

Colorado's unemployment rate tops 8 percent, while its foreclosure rate consistently ranks among the top 10 states.

The failed banks had a higher proportion of assets tied up in commercial real estate, said Fred Joseph, state securities and banking commissioner. That sector was hit hard by the economic downturn, and banks that had lent heavily to developers struggled along with developers who had trouble paying back loans.

United Western Bank of Denver and Louisville-based FirsTier Bank closed in January. Both had been among the largest Colorado-based commercial banks, with combined assets of almost $2.8 billion.

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