OCC Appoints FDIC Receiver for Colorado National Bank

WASHINGTON — The Office of the Comptroller of the Currency (OCC) today appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for Colorado National Bank, Colorado Springs, Colorado. Colorado National Bank, with approximately $122 million in assets, was chartered as a national bank in 2003. The OCC's action follows the OCC appointing the FDIC as receiver for the bank's affiliate TeamBank, National Association, Paola, Kansas, earlier today. Colorado National Bank and TeamBank, National Association are wholly owned subsidiaries of Team Financial, Inc., Paola, Kansas.

The OCC acted after finding that the bank had experienced substantial dissipation of assets and earnings due to unsafe and unsound practices. The OCC also found that the bank's unsafe and unsound practices weakened the bank's condition and seriously prejudiced the interests of the bank's depositors and the deposit insurance fund.

The FDIC will release information about the resolution of the bank.