First Citizens Bank acquires Colorado Capital Bank
By Elizabeth Wood West
What was old is now new, or so it goes with the recent purchase of Colorado Capital Bank (CCB) by First Citizens Bank (FCB), a 113-year old family-owned independent bank from North Carolina.
CCB had been struggling with its commercial book of business for some time and was under FDIC scrutiny for its “undercapitalization.” On Friday, July 8, the Colorado Division of Banking closed CCB, including all its branches, and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. FCB purchased most of the assets and assumed most of the liabilities of CCB from the FDIC, and re-opened the former CCB and its branches on Monday, July 11 as First Citizens Bank branches.
Frank Smith of First Citizens Bank’s Corporate Communications department said, “We identified this opportunity as a potential way to complement the presence our bank was establishing in Colorado. We realized it would enable us to strengthen and expand our franchise in a vibrant area that is a good fit for us. So we participated in a competitive bidding process in June and were selected by the FDIC to complete the transaction.” Smith continued, “First Citizens BancShares, Inc., the holding company that owns [FCB], has more than $21 billion in assets. Earlier this year, BancShares was named the fourth-best bank in America by Forbes.”
FCB owns nearly 400 branches in California, Colorado, District of Columbia, Florida, Maryland, North Carolina, Tennessee, Virginia, Washington, and West Virginia. Its services include traditional banking, wealth management, business and treasury services, working capital finance, insurance services, leasing, and more.
The acquisition has no effect on existing customers’ accounts, which remain safe and accessible, and deposits are protected under FDIC insurance. Customers can continue to use their checks, ATM, debit and credit cards, and use online access for all of their accounts.
Bank hours will remain the same and branches will continue to offer the same deposit and loan products/services. The maturity and interest rates of certificates of deposits (CDs) issued by CCB will not change; however, rates for internet CDs will change.
For further information about the acquisition, call 1-866-407-0324 between 7 a.m. and 11 p.m. eastern time or visit www.firstcitizens.com.
First Citizens Bank (formerly Colorado Capital Bank) is located at 7505 Village Square Drive in Castle Pines.