The financially troubled Community Banks of Colorado, with branches in Cortez, Durango and Dove Creek, was taken over by the Federal Deposit Insurance Corporation and sold Friday to Bank Midwest, a wholly owned subsidiary of NBH Holdings.

As an FDIC-insured bank, officials say customers’ assets are secure, and there will be no impacts to their holdings or accounts. Current checks as well as credit and debit cards are still valid.

Angela Austin, a spokesperson for NBH Holdings, said the bank’s name will remain the same, and it will be business as usual for local customers.

“We understand that it could cause some concern from customers,” Austin said. “They should feel really good that things remain the same.”

Austin said NBH Holdings acquired 37 Community Banks of Colorado branches and four branches of Community Banks of Northern California in the deal.

Officials say client accounts are secure, and there will be no impact to local customers by the buyout.

With an infusion of capital from the recent purchase, the bank will have more opportunity to invest and expand, she said.

Local branches are set to remain open under the same business hours. No changes to bank personnel are anticipated, she said.

The FDIC entered a purchase agreement with Bank Midwest on Friday to purchase the 37 branches of Community Banks of Colorado, according to a statement from the FDIC. Current customers will automatically become depositors of Bank Midwest.

As of June 30, Community Banks of Colorado had $1.38 billion in total assets and $1.33 billion in total deposits, the FDIC reports.

Customers with questions may contact the FDIC hotline at (800) 405-1439 between 8 a.m. and 8 p.m.

Notices are expected be sent to bank customers within seven days.

reidw@cortezjournal.com Durango Herald Staff Writer Dale Rodebaugh contributed to the story.