FIRST CONTINENTAL BK OF ROCKRIMMON, N.A. Failed 1987

What happened

FIRST CONTINENTAL BK OF ROCKRIMMON, N.A. of COLORADO SPRINGS, CO was closed on 1987-07-09. The FDIC was named receiver.

Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets

Deposits were transferred to VALLEY BANK (SECURITY, CO). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID

1468

FDIC Certificate

25652

FDIC FIN

2708

Bank name

FIRST CONTINENTAL BK OF ROCKRIMMON, N.A.

Location

COLORADO SPRINGS, CO

Failure date

1987-07-09

FDIC resolution date

1987-07-09

Charter type

National commercial bank (OCC-chartered)

Resolution type

Purchase & Assumption — acquiring bank assumed deposits + bought assets

FDIC DIF cost (est.)

$4M

Deposits at failure

$6M

Assets at failure

$7M

Acquiring bank

VALLEY BANK (SECURITY, CO)