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United Western Bancorp Inc.(fkaUWBKQ)

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Last Post: 9/26/2016 5:31:35 PM - Followers: 190 - Board type: Free - Posts Today: 13


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
#37134 LGL8054 09/26/16 05:31:35 PM
#37133   Now that the FDIC don't need secrecy any LGL8054 09/26/16 03:33:42 PM
#37132   In 2010, the Bank suffered at least $35,351,690 Newtogame 09/26/16 01:58:09 PM
#37131   So Fred do ya have a WAG as BBANBOB 09/26/16 01:08:23 PM
#37130   GOOD find so let em GETERDUN BBANBOB 09/26/16 12:43:42 PM
#37129   PDF icon 14-1191tbm.pdf in link 37123 Newtogame 09/26/16 12:39:57 PM
#37128   (2) Section C asserted “fraudulent transfers/unlawful dividends”; (3) Newtogame 09/26/16 12:35:01 PM
#37127   E. The Trustee’s Objection to the FDIC Claim Newtogame 09/26/16 12:25:44 PM
#37126   The estate includes: “all legal or equitable interests Newtogame 09/26/16 11:58:13 AM
#37125   ......."The FDIC’s express, knowing, and voluntary consent to fredscott36 09/26/16 11:57:36 AM
#37124   affirmative defenses ????????????????? Newtogame 09/26/16 11:41:54 AM
#37123   09/16/2016 Disposition of Adversary Proceeding Number 14-1191 TBM. Newtogame 09/26/16 11:39:24 AM
#37122   jmho.............taking five years to purchase a FAILED BANK's fredscott36 09/26/16 11:33:26 AM
#37121   THEY WERE CAUGHT, but so too have many BBANBOB 09/25/16 12:18:23 PM
#37120   My MATH. still >>>>>> stock + cash 8lang 09/25/16 08:45:14 AM
#37119   fredscott, I am still counting on four hundred Large Green 09/24/16 04:11:39 PM
#37118   I had one single gray hair the first verycareful 09/24/16 01:06:36 PM
#37117   FC conspiracists cite the Year 2015 income tax fredscott36 09/24/16 11:36:29 AM
#37116   Thanks again fred BBANBOB 09/23/16 11:50:14 AM
#37115 fredscott36 09/23/16 11:31:58 AM
#37114   OK so this means what sorry BBANBOB 09/23/16 10:56:43 AM
#37113   Tuesday, September 20, 2016 Newtogame 09/23/16 09:38:20 AM
#37112   The Obama administration says it is acting within BBANBOB 09/22/16 10:07:37 AM
#37111   And you say it cant be done! LGL8054 09/22/16 08:37:43 AM
#37110   Cool beans!!! Bold Text AND Colors . Sunnybank 09/21/16 01:46:00 PM
#37109   HOPE SOON BBANBOB 09/21/16 11:28:43 AM
#37106   BECAUSE she and the LIKES of her in BBANBOB 09/20/16 05:38:28 PM
#37105   In August, US commercial bankruptcy filings jumped 29% LGL8054 09/20/16 03:53:08 PM
#37104   Elizabeth Warren is still wondering why federal officials LGL8054 09/20/16 01:25:58 PM
#37103   I'm reminded of Field of Dreams - build Sunnybank 09/20/16 12:46:37 PM
#37101   He/she also reminds me of that old movie investandpray 09/20/16 10:44:43 AM
#37100   Remember the Saturday Night Live show where Shatner Docsavag 09/20/16 10:40:44 AM
#37099   WHO are you and what have you done investandpray 09/20/16 10:24:52 AM
#37098   GO AWAY, fred................nobody cares about this toxic waste fredscott36 09/20/16 10:21:02 AM
#37097   kinda thinking maybe I'll sell some shares of fredscott36 09/19/16 12:16:54 PM
#37096   Where is the news Fred? invest1980 09/19/16 11:46:44 AM
#37095   news of uwbi settlement and no one GAD.......just fredscott36 09/19/16 10:24:11 AM
#37094   looks to me like some have decided to BBANBOB 09/19/16 08:47:10 AM
#37093   every lost soul in Boulder, CO knows what fredscott36 09/19/16 08:46:37 AM
#37092   LGL NOBODY has enough GOLD to cover their BBANBOB 09/18/16 07:33:54 PM
#37091   Someone Dumped 70 Tons Of Paper Gold At LGL8054 09/18/16 07:14:46 PM
#37090   NTG from where did that come? TIA BBANBOB 09/18/16 11:44:01 AM
#37089   I really love the sounds of this------ Newtogame 09/18/16 11:20:43 AM
#37088   ........cases are allegedly CLOSED..............although, BK might continue for fredscott36 09/17/16 10:33:47 AM
#37086   OR 12,000 ft BBANBOB 09/16/16 11:25:06 AM
#37085   Fred, how long do you think it will Docsavag 09/16/16 10:58:02 AM
#37084   .....................bottom line........................for CUSIP 913201109...................... fredscott36 09/16/16 10:37:27 AM
#37083 fredscott36 09/15/16 12:18:42 PM
#37082   uwbi bhc buyer wanted the full five years fredscott36 09/15/16 10:38:05 AM