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.