U.S. regulators on Friday closed New Frontier Bank of Greeley, Colorado, and set up a temporary bank so depositors can open accounts at other insured institutions.
The Federal Deposit Insurance Corp said it immediately transferred New Frontier's insured deposits to the Deposit Insurance National Bank of Greeley, which will remain open for about 30 days so customers can move their funds to other banks.
New Frontier had total assets of $2 billion and total deposits of about $1.5 billion as of March 24.
It is the 23rd U.S. bank to fail this year, and its resolution is expected to cost the deposit insurance fund about $670 million.
(Reporting by Karey Wutkowski; Editing by Jan Paschal)