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United Western Bancorp Inc.(fkaUWBKQ)

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Last Post: 12/4/2016 10:11:22 AM - Followers: 190 - Board type: Free - Posts Today: 1


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
#37653   ANY new rumors over the weekend??????????????????? BBANBOB 12/05/16 09:28:23 AM
#37652   I am not sure you understand, don't BBANBOB 12/04/16 10:11:22 AM
#37651 uwb/uwbi....................follow the money.............. fredscott36 12/03/16 11:06:10 AM
#37650   TIME TELLS ALL BBANBOB 12/03/16 10:31:39 AM
#37649   Did the SEC really say wait, stop the LGL8054 12/03/16 09:18:44 AM
#37648   They are starting to fall.......... LGL8054 12/03/16 08:58:21 AM
#37647   WHAT Fred no eod parting comments,surely something else BBANBOB 12/02/16 04:13:17 PM
#37646   "since there are so few TOTAL shareholders..........." stockbum9 12/02/16 11:13:01 AM
#37645   wish I had the 400K I once held BBANBOB 12/02/16 11:09:40 AM
#37644   ........wish I had about 16mm shares of CUSIP fredscott36 12/02/16 11:06:38 AM
#37643   Don't need to be THE CHARLES ATLAS of BBANBOB 12/02/16 10:59:31 AM
#37642   .....with CUSIP 913201109 .........never will be simple, cut and fredscott36 12/02/16 10:53:49 AM
#37641   THIS CASE IS CLOSED/SETTLED BBANBOB 12/02/16 10:37:39 AM
#37640   .......dunno....................a news statement of some sort may be fredscott36 12/02/16 10:35:41 AM
#37639   BEFORE CHRISTMAS??????????????????? BBANBOB 12/02/16 10:31:07 AM
#37638   .............................. CUSIP 913201109 ....................... fredscott36 12/02/16 10:28:42 AM
#37637   I dont give a rats ass if I BBANBOB 12/02/16 10:17:44 AM
#37636   .......I'll go out on a limb and say fredscott36 12/02/16 10:14:30 AM
#37635   .prepare to be prepared. BBANBOB 12/02/16 09:53:26 AM
#37634   Fortunately, the Court need not delve too Newtogame 12/02/16 09:18:10 AM
#37633   we ought to re-file the BANK's APPEAL. BBANBOB 12/02/16 08:37:51 AM
#37632   ........... STOCK CANCELLATION AND LIQUIDATION AGREEMENT ... fredscott36 12/02/16 08:37:25 AM
#37631 folks settle disagreements of this sort.............unless the fredscott36 12/01/16 12:14:27 PM
#37630   READ 37612 -37613 -37614 +37623 Newtogame 12/01/16 12:05:08 PM
#37629   .....UNITED STATES DISTRICT COURT fredscott36 12/01/16 11:20:51 AM
#37628   ....BOTTOM LINE is you fairies SETTLED too early fredscott36 12/01/16 10:53:34 AM
#37627   The way I see this is, $2mm means LGL8054 12/01/16 10:36:00 AM
#37626   ........"Counsel for the Trustee advises that the Trustee fredscott36 12/01/16 10:31:41 AM
#37625   That was in sept shouldn't we have heard BBANBOB 12/01/16 10:30:31 AM
#37624   .....FDIC is appealing the judge's decision on the ITR......yawn.......yawn....... fredscott36 12/01/16 10:23:13 AM
#37623   ORDERS that the FDIC’s Motion for Summary Judgment BBANBOB 12/01/16 10:02:33 AM
#37622   What is that about and when BBANBOB 12/01/16 09:56:41 AM
#37621   Something New by Ihub I think LGL8054 12/01/16 09:52:55 AM
#37614   Rule 54(b), Federal Rules of Civil Procedure, allows Newtogame 11/30/16 02:46:38 PM
#37613   In bankruptcy proceedings, finality does not require the Newtogame 11/30/16 02:44:16 PM
#37612   Lets not get our panties in a wad! Newtogame 11/30/16 02:43:19 PM
#37611   She rants every day...........LOL 8lang 11/30/16 01:53:10 PM
#37610   Facts... not redundant ridiculous rants...please. Thanks in advance Sipstud27 11/30/16 01:42:10 PM
#37609   Exactly what I was referring too... Sipstud27 11/30/16 01:32:37 PM
#37608   Page 1***UWBKQ Filing*** Large Green 11/30/16 01:24:01 PM
#37607 Sipstud27 11/30/16 01:07:54 PM
#37606   ......and remember, Guy actually accepted congratulations for being fredscott36 11/30/16 12:58:25 PM
#37605   ......Dude: I studied this and don't quite get fredscott36 11/30/16 12:46:48 PM
#37604   Fred why would FCNCA file this 8K now? Newtogame 11/30/16 12:34:27 PM
#37603   ......T stock comes out of the EQUITY section fredscott36 11/30/16 12:13:08 PM
#37602   May just be my misunderstanding here but ME BBANBOB 11/30/16 11:59:41 AM
#37601   ..................Sipstud27 post# 37582...................... fredscott36 11/30/16 11:36:37 AM
#37600   not sure she would have to OPTION to BBANBOB 11/30/16 11:31:01 AM
#37599   Beware ,,,,Kim can receive the the LGL8054 11/30/16 11:26:22 AM
#37598   Also as far as on the book transactions,it BBANBOB 11/30/16 11:26:09 AM