Regulators Close Colorado Bank

(AP)  Regulators have shut down the New Frontier Bank in Greeley, making it the 23rd bank in the nation and the second in Colorado to fail this year.

The Federal Deposit Insurance Corp. was appointed receiver.

Regulators closed New Frontier at 6:30 p.m. Friday. The FDIC on Monday will reopen the bank, along with its branches in Longmont and Windsor, for 30 days to give depositors time to transfer their accounts to other banks. Regular deposit accounts are insured up to $250,000.

"In order to maintain the trust in Colorado's financial institutions and to protect depositors, I have delegated authority to the FDIC as receiver of New Frontier Bank and will immediately transfer all insured deposits to their control," said Fred Joseph, Colorado's bank commissioner.

Banking activities such as direct deposit and ATM and debit card transactions will continue as usual for New Frontier customers during the 30-day transition period, FDIC spokesman David Barr said in a release.

He said the FDIC will mail checks to customers who haven't closed or transferred their accounts at the end of the 30 days.

New Frontier had assets of $2 billion and deposits of about $1.5 billion as of March 24. At the time of closing, there were about $150 million in insured deposits and $4 million in deposits that potentially exceeded the insurance limits.

Don Childears, president and CEO of the Colorado Bankers Association, said isolated bank failures will inevitably happen from time to time, in good and bad economic times.

"The first priority of our regulatory system is not to ensure that there will never be a bank failure, but to protect the customer if one occurs," Childears said in a release.

"The FDIC's time-tested and methodical approach provides a seamless transfer of authority," he said. "This ensures the customers and community experience the least amount of disruption to their normal financial needs."

Colorado National Bank in Colorado Springs was shut down March 20.

[burneb]

Illegal aliens may be the source of numberous problems in the U.S., just like our fellow citizens also cause lots of problems, but they really are not a major cause of our overstuffed prisons and bankrupt banks.

The percentage of prison inmates who are in the U.S. illegally is less than two percent. It is our crime-happy dope-happy citizens, first-world rejects, who are busting law enforcement and prison budgets.

Rather few of the greedy reckless people who approved liar loans, sliced and diced junk loans into toxic assets, or gave them AAA ratings, were illegals. They seldom hold such overpaid jobs with fine suits and such financial powers. As for defaulting on sub-prime loans, the overall track record for illegal aliens has been pretty much the same as for U.S. citizens with low incomes and or low credit ratings.

I am all in favor of controlling our leaky borders, but it will not solve the problems of greedy reckless financial insitutions under lax regulation, nor our domestic drug craze.

[whitemale08]

Why hasn't Goldman Smacks, JP Morgan and Bank of America been shut down?

All of these BIG BANKS are insolvent so shut down these Wall Street swindlers and their worthless derivatives and credit-default swaps market.

[gce651]

Greeley, Co, in the heart of conservative America.

The Bush legacy............................