By KRWG News
Las Cruces – First Community Bank, Taos, New Mexico, was closed today by the New Mexico Financial Institutions Division, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.
The FDIC entered into a purchase and assumption agreement with U.S. Bank, National Association, Minneapolis, Minnesota, to assume all of the deposits and essentially all of the assets of First Community Bank, Taos, New Mexico.
The branches of First Community Bank, Taos, New Mexico will reopen during their normal business hours starting on Saturday as branches of U.S. Bank, National Association. Depositors of First Community Bank will automatically become depositors of U.S. Bank, National Association. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage. Customers of First Community Bank, Taos, New Mexico, should continue to use their existing branch banking facilities and services.
This evening and over the weekend, depositors of First Community Bank, Taos, New Mexico, can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
As of December 31, 2010, First Community Bank, Taos, New Mexico, had approximately $2.3 billion in total assets and $1.8 billion in total deposits. This is a "whole bank" purchase and there is no loss share agreement between U.S. Bank, National Association and the FDIC.
William J. Verant, Director of the Financial Institutions Division stated: "U.S. Bank, National Association, Minneapolis, Minnesota, is a national bank and 5th largest bank in the country with over 3000 branches, over $300 billion in assets and operates in 25 states.
This Acquisition will allow U.S. Bank, National Association to expand its product offerings and services into New Mexico.
The majority of First Community Bank, Taos, New Mexico, employees will be retained by U.S. Bank, National Association.
Customers who have questions about today's transaction can call the FDIC toll free at 1-800-450-5417. The phone number will be operational this evening until 9:00 p.m. Mountain Standard Time (MST); on Saturday from 9:00 a.m. to 6:00 p.m., MST; on Sunday from noon to 6:00 p.m., MST; and thereafter from 8:00 a.m. to 8:00 p.m. MST.
Interested Parties can also visit the FDIC's Website:
http://www.fdic.gov
Compared to other alternatives, U.S. Bank's National Association acquisition was the "least costly" resolution for the FDIC's Deposit Insurance Fund. First Community Bank, Taos, New Mexico, is the 11th FDIC-insured institution to fail in the nation this year, and the first in New Mexico. The last FDIC-insured institution closed in the state was High Desert State Bank, on June 25, 2010.