First Citizens to Buy Assets of United Western Bank
First Citizens Bank is a subsidiary of First Citizens BancShares. The Office of Thrift Supervision (OTS) closed United Western Bank and appointed the FDIC as receiver. The United Western Bank branch offices in Colorado has opened under the First Citizens Bank name. Depositors will not sustain any losses with respect to those deposits assumed by First Citizens Bank.
This transaction includes eight branches: Boulder, Centennial, Cherry Creek, downtown Denver, Hampden at Interstate 25, Fort Collins, Longmont and Loveland. The purchase complements three Denver area branches currently operated by First Citizens' IronStone Bank division: Aurora, Cherry Creek and Lone Tree. First Citizens Bank was selected to complete this transaction through a competitive bidding process.
Under the terms of the agreement, First Citizens Bank has the option to purchase any owned bank premises or to assume the leases on any or all of the banking offices. The loans and other real estate owned by United Western Bank and purchased by First Citizens are covered by a loss-share agreement between the FDIC and First Citizens which provides protection against losses to First Citizens Bank.
The agreement only covers the assets and liabilities of United Western Bank. Assets, liabilities and common stock of United Western Bank's former parent company, United Western Bancorp, have not been purchased or assumed by First Citizens Bank.
Clients should bank as they normally do at their existing branches. Customer deposits are safe, accessible and still protected by FDIC insurance. Customers will continue to have access to their funds through debit cards, checks and online banking.
This agreement brings the total number of Colorado branches operated by First Citizens and its IronStone Bank division to 11.
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