The State of Colorado regulators closed the Greeley, Co based bank; Bank of Choice on Friday. This was the 5th bank in 2011 that has closed in Colorado. Like so many other banks in the United States, Bank of Choice was hurt by the economy and the subsequent decline in the commercial real estate market.

Bank of Choice, which had 17 branches in and out of the Denver area, was categorized as significantly undercapitalized earlier this year by the FDIC. Bank of Choice had a heavy concentration in the commercial real estate market and development arenas which is uncharacteristic of a solid community bank. As the real estate market cooled down developers fell behind on their payments which led to the overall demise of the financial institution.

Bank Midwest from Kansas City, Mo has entered into a purchase and assumption agreement to assume all of the deposits of Bank of Choice and a limited number of its’ liabilities. The bank should be open today!