Posted on 04/10/2009 8:26:41 PM PDT by rabscuttle385
WASHINGTON (AFP) — New Frontier Bank, one of Colorado state's biggest banks, was closed down by state regulators, the Federal Deposit Insurance Corporation said in a statement.
Based in Greeley, Colorado, New Frontier had, as of March 24, total assets of two billion dollars and and total deposits of about 1.5 billion, the FDIC said.
. . . . .
Unable to have a rival bank take charge of New Frontier's credits and deposits, the FDIC said it "created the Deposit Insurance National Bank of Greeley (DINB), which will remain open for approximately 30 days to allow depositors time to open accounts at other insured institutions."
New Frontier's failure will cost the FDIC around 670 million dollars.
(Excerpt) Read more at google.com ...
Yikes!
That’s silly. The worst of 2009 in bank closings?
FGS, there’s still piles of snow that haven’t yet melted around here.
2010 is going to be a very good year.
Thanks for letting us know. I know someone who banks there.
I wasn't aware that anyone in the government kept track of numbers below $1 billion anymore.
Sure hope GBNK doesn’t follow in the footsteps of this Colorado bank.
At last report... Texas Ratio of 64
Sure wish someone would take on the task of having a website up dated regularly showing these ratios.... (hint)
Well... it rounds. Although, before all is said and done...
Got my daughter an account there recently for her job. Found out right after I opened the account that they were in financial trouble, but had some investors, etc. We will be scrambling in the next few days.
I predict 2010 to be a "better" year as far as "bank closings" go...... Bammy and Co. should have all the banks closed or under gov't control by then.
granted money won't be worth the lawn clippings its printed on and gas will be astronomical but hey..... we can all put a little more air in our tires, don a sweatshirt, grab a shovel and work in communal harmony for the benefit of our fellow man.....
only because I'm gonna be sick
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.