Colorado

Mar 8, 2010 9:52 AM by Associated Press

34 percent of Colorado banks lost money in 2009

Federal records show that more than a third of Colorado's banks lost money last year, outpacing results nationally.

According to data posted by the Federal Deposit Insurance Corp., 46 of the state's 135 banks failed to make a profit, or 34 percent, compared with 29 percent of institutions nationwide.

Fifteen Colorado banks have faced enforcement supervision from the federal government since 2007.

Banks around the country have struggled with a weakening economy, rising unemployment, tumbling home prices and soaring loan defaults, prompting them to tighten lending standards.

Colorado Bankers Association President Don Childears says Colorado banks have been working to improve their capitalization and to bolster reserves.

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