Premier Bank seized by regulators, United Fidelity buys Colorado assets

State regulators have closed Premier Bank, and the deposits of its two branches, in Denver and Aurora, have been acquired by United Fidelity Bank.

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According to the Denver Post (http://tinyurl.com/nn88mdw), Premier Bank is the sixth FDIC-insured institution to fail in the nation this year, and the first in Colorado. The last FDIC-insured institution closed in the state was Community Banks of Colorado in Greenwood Village in 2011.

The bank has been in trouble since at least 2007, when Small Business Administration loans accounted for 90 percent of its loan portfolio and it was hit with a cease and desist order by state and federal regulators.

Officials say depositors of Premier Bank can access their money by writing checks or using ATM or debit cards.

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Information from: The Denver Post, http://www.denverpost.com