State regulators close First Community Banks

Freedom New Mexico

Regulators with the New Mexico Financial Institutions Division shut down First Community Bank, which has branches in Clovis and Portales.

The Federal Deposit Insurance Corporation released a statement Friday that said it was named the receiver.

According to the statement:

l The bank failure and its sale is expected to cost the FDIC $260 million.

l The bank and its 35 New Mexico branches will resume normal business hours, but under ownership of U.S. Bank N.A. of Minneapolis.

First Community Bank, based in Taos, holds $2.3 billion in assets.