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United Western Bancorp Inc.(fkaUWBKQ)

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Last Post: 3/27/2017 1:00:37 PM - Followers: 188 - Board type: Free - Posts Today: 12


This Bank was taken by the OTS, OCC & FDIC Under Color of Law
Now there is a Big Cover Up going on

Shares Outstanding: 29.26


DENVER--(BUSINESS WIRE)-- United Western Bancorp, Inc. (the "Company"), a Denver-based holding company whose principal subsidiary was formerly United Western Bank® (the "Bank), today announced that on February 18, 2011, the Company filed a Complaint in the United States District Court for the District of Columbia against the Office of Thrift Supervision (the "OTS"), the Acting Director of the OTS (the "Acting Director") and the Federal Deposit Insurance Corporation (the "FDIC").

 On January 21, 2011, the Acting of the OTS, in cooperation with the FDIC, seized the Bank and appointed the FDIC receiver based on three alleged grounds: (i) the Bank was undercapitalized and failed to submit an acceptable capital restoration plan ("CRP") within the time prescribed by statute; (ii) the Bank was likely to be unable to pay its obligations or meet its depositors' demands in the normal course of business; and, (iii) the Bank was in an unsafe or unsound condition to transact business. The Company alleges in the Complaint that none of these grounds existed at the time of the seizure. 

A. Gibson, Chairman of the Board of the Company said, "The seizure order issued on January 21, 2011 by the OTS, appointing the FDIC as receiver, is arbitrary and capricious and lacked any rational basis in applicable law."

The Company's Complaint refutes the allegations made by the FDIC and the OTS, and importantly, among other facts cites:

The Acting Director of the OTS, without any reasonable basis, concluded the Bank had failed to submit a CRP acceptable to the OTS. However, despite the statutory requirement that institutions be given a reasonable time to submit a CRP, the OTS demanded that the Bank submit a CRP within seven days, a clearly unreasonable request in excess of its statutory authority.

The Bank's capital position provided no basis to accelerate the standard 45 day time frame for filing a CRP. On December 3, 2010, the OTS directed the Bank to take a capital write-down with the intent of lowering the Bank's capital ratio as much as necessary in order to create the illusion that the Bank was not adequately capitalized. The result of this arbitrary and capricious directive was to lower the Bank's total risk-based capital ratio to 7.8 percent (which is only 0.2 percent below the 8.0 percent ratio required to be considered adequately capitalized). But for the OTS's arbitrary and capricious directive, the Bank would have remained within the technical definition of adequately capitalized and not been subject to the requirement that it submit a CRP.

The Company believes that the seizure of a Bank with a reported total risk-based capital ratio of 7.8 percent and a pending recapitalization is unprecedented. If the standard applied by the OTS to United Western Bank was uniformly applied to banks across the country, a significant number of those banks would be subject to immediate seizure. The majority of the institutions closed by the OTS in 2009 and 2010 were critically undercapitalized, meaning that the ratio of tangible equity to total assets was less than 2 percent. A number of these institutions were insolvent; for example, one of these institutions had a core capital ratio of negative 7.11 percent and a total risk-based capital ratio of negative 7.36 percent.

The Company's research suggests the OTS has not accepted any CRP submitted to it during this financial crisis. Instead, the OTS appears to reject CRPs as a matter of course, regardless of merit, and then asserts that the failure to submit an acceptable CRP is grounds for receivership. The rejection of the Bank's CRP was part of this unreasonable pattern by the OTS.

No grounds existed for the Acting Director to reasonably conclude that United Western was likely to be unable to pay its obligations or meet its depositors' demands in the normal course of business. The liquidity concerns asserted by the OTS and FDIC were based on their unfounded disapproval of the Bank's 17 year-old business model and a fundamental misunderstanding of the Bank's long-term, contractual relationships with certain of its institutional depositors. There was no rational basis for the OTS or FDIC to conclude that the Bank would not continue to effectively manage its institutional depositor relationships as the Bank had for almost two decades, including through the worst of the financial crisis in 2008 and going forward. The institutional depositors would have maintained funds on deposit absent an arbitrary or capricious action by the OTS or FDIC to force withdrawal of such funds. The Bank repeatedly, most recently as of January 20, 2011, advised the OTS that this was the case. The Bank had ample liquidity to pay its obligations and meet depositor demands.

The Bank had over $400 million of cash at the time of the seizure, which represented approximately 25% of total deposits on January 21, 2011.

The Company and the Bank were very close to completing a recapitalization transaction of $200 million, with commitments in place of $149.5 million and parties identified to complete the transaction at the time of the seizure of the Bank by the FDIC. The completion of this transaction would have eliminated the need to seize the Bank, thereby avoiding a significant loss to the Deposit Insurance Fund. This information was provided to the OTS on January 20, 2011.

 The Company is represented in this law suit by its internal counsel and certain inside directors of the Company and certain former inside directors of the Bank are represented by BuckleySandler, LLP of Washington, D.C. and certain independent directors of the Company and certain former independent directors of the Bank are represented by the Washington office of Paul, Hastings, Janofsky &Walker LLP.

I  am not sure you understand, don't confuse the moneys that belong to the Bank (the ITR and JPM moneys due) even if the Government did not take the Bank, those moneys are the banks.

The government is liable because they took the Bank, our asset, our constitutional rights, under color of law and tired to defraud all of the shareholders as well as the employees the credititors and others. took assets held in the Banks Name and deprived all of us including the community. They Tarnished the management and the Banks Business reputation. I ask you what is it worth? An Unconstitutional move by government thugs.

And now they don't want us or any body to talk about the cover up
Jim Peoples, former CEO, left, and Guy Gibson, former chairman, are challenging bank's takeover.


#31703  Sticky Note What happened with the excluded Assets & Liabilities iPrelude 10/09/14 09:42:28 PM
#38757   cAN SOMEONE TELL ME WHAT freds POSTS WERE CONCERNING???? BBANBOB 03/27/17 01:00:36 PM
#38756   Was it "something" I said? investandpray 03/27/17 11:03:58 AM
#38755   At 132% of GDP, LGL8054 03/27/17 10:50:41 AM
#38753   Back at you sir/madam!!! investandpray 03/27/17 10:47:29 AM
#38751  Restored So we continue to wait and wait and investandpray 03/27/17 10:44:16 AM
#38750   THAT is what I was implying in my investandpray 03/27/17 10:43:08 AM
#38748   Things such as this are so overwhelming IF BBANBOB 03/27/17 09:52:54 AM
#38747   With such a heavy workload, I am NOT investandpray 03/27/17 09:50:36 AM
#38746   Guess kimmy couldn't find tommy,understandable denver is jehu 03/27/17 09:36:59 AM
#38745   " Ice-9" is coming...........Must watch the flowing............. LGL8054 03/26/17 08:49:25 PM
#38743   "....JPM's legal response was like 3 pages of Tradeinman 03/24/17 09:38:09 PM
#38742   .....also, re: JPM and WaMu and the FDIC fredscott36 03/24/17 11:30:23 AM
#38741 win............JPM bought the failed WaMu bank from fredscott36 03/24/17 11:15:16 AM
#38740   "re: WaMu: I stand by my statements 100%......." Your Tradeinman 03/24/17 11:04:32 AM
#38739   ...............ok, $0.00............whatever............................. fredscott36 03/24/17 11:03:00 AM
#38738   ................nearer 4 per area........................................ fredscott36 03/24/17 10:08:41 AM
#38737   Amen!!! Thank you for your response! investandpray 03/23/17 11:57:43 AM
#38736   ......never BELIEVE nor trust any facet of this fredscott36 03/23/17 11:54:01 AM
#38735   I've been frequenting this board almost since its investandpray 03/23/17 11:47:33 AM
#38734   .........................UNFURL THE JIB, kim...................... fredscott36 03/23/17 11:39:36 AM
#38733   ..........BK CT trustee is 'sposed to be asking fredscott36 03/23/17 10:37:32 AM
#38732   I remember the last payment and the government garyhalvo 03/22/17 02:52:57 PM
#38731   Jerome Corsi / LGL8054 03/22/17 02:23:17 PM
#38730   And FCNCA stock is sinking, yet again from investandpray 03/22/17 11:20:52 AM
#38729   case no. # 1:11-md-02262 in the southern district Newtogame 03/22/17 10:06:39 AM
#38728   Does anyone know IF the FDIC has an investandpray 03/22/17 09:06:35 AM
#38727   "impossible to determine because JPM bought the WaMu Tradeinman 03/21/17 09:16:04 PM
#38726   Think it's because their shares may BE USED BBANBOB 03/21/17 01:41:24 PM
#38725   Sir, do NOT besmirch my fond memories of Docsavag 03/21/17 01:01:37 PM
#38724   ...............FCNCA 334.00 -9.92 (-2.88%)....................... fredscott36 03/21/17 12:46:14 PM
#38723   .....Old Grandad is a cool secret, ROBERT - fredscott36 03/21/17 12:23:41 PM
#38722   BOONESFARM for wine BBANBOB 03/21/17 12:19:00 PM
#38721   ......what part of ANT TURD did you not fredscott36 03/21/17 12:03:52 PM
#38720   Fred @ 16.50 I'll buy ya a case BBANBOB 03/21/17 11:48:26 AM
#38719   ............................."BEST INTEREST"............................ fredscott36 03/21/17 11:10:24 AM
#38718   HEHEHEHEH LMAO wonder if the PROTECTION PLUNGE TEAM BBANBOB 03/21/17 10:57:25 AM
#38717   Way back when (7/5/13 - post number 21341), investandpray 03/21/17 10:55:14 AM
#38716   ......I just told you who, we believe, bought fredscott36 03/21/17 10:42:02 AM
#38715   Go ahead Fred , tell him---I know you know Newtogame 03/21/17 10:33:17 AM
#38714   Thank you New and Fred!!! investandpray 03/21/17 10:31:00 AM
#38713   .....affirmative..........this was a 16mm-share block that was mysteriously fredscott36 03/21/17 10:26:47 AM
#38712   I believe they are the same--but they are Newtogame 03/21/17 10:26:29 AM
#38711   When you make reference to the Highlander Capital investandpray 03/21/17 10:20:19 AM
#38710   ....Auntie Li referenced the bank's recoveries numerous times fredscott36 03/21/17 10:17:44 AM
#38709   I have received information from very credible sources Newtogame 03/21/17 10:13:58 AM
#38708   Read Kimmy's billings again===She received a pile of Newtogame 03/21/17 09:54:11 AM
#38707   The Trustee received correspondence from a former employee Newtogame 03/21/17 09:42:01 AM
#38706   ......kimmie's last STATUS REPORT was a sloppy mess fredscott36 03/20/17 12:13:19 PM
#38705   March is proving to be a very interesting Docsavag 03/20/17 11:47:33 AM
#38704   GO BACK TO POSTS 18100 & READ Newtogame 03/20/17 11:39:52 AM