My Recruiting Blog

Denver finance jobs (Click here) have not seen a good start to the new year.

Although the state avoided any major fallout during the banking crisis of 2010, two banks with large operations in Colorado have failed already this year, including Denver-based United Western Bank and Louisville-based FirsTier Bank.

United Western Bank was the first to close on January 21st, marking the first and largest bank failure in Colorado since 2009, according to the Denver Business Journal. That year the state saw three other banks fail, including: Colorado National Bank, Southern Colorado National Bank, and New Frontier Bank.

Next came the closure of FirstTier Bank on January 28th. That move was made after a review by the Colorado Division of Banking and the Federal Deposit Insurance Corporation found that the bank would need $10.6 million to reach an appropriate loan-loss reserve level.

Once it was determined the bank would close, the FDIC created the Deposit Insurance National Bank of Louisville, which will remain open until February 28th so customers can access their deposits and open accounts with other institutions.

This is all bad news for the local and statewide financial industry, which has added some jobs in recent months, but continues to suffer losses caused by the economic downturn.

The Denver-Aurora-Broomfield area's financial activities industry employed 90,400 workers during December, which is up from 89,700 workers during November, but a 2.3 percent decrease from the previous year, according to the U.S. Bureau of Labor Statistics.

Throughout Colorado as a whole, the financial activities industry employed 141,400 workers during December, which is down from 142,300 workers during November and a 2.1 percent decrease when compared to December 2009.

Labels: Denver finance jobs