United Western Bancorp Inc (fka UWBKQ)

[56Chevy]

"Tarp funds not needing it - convincing - yes and no , sit back and wonder even if they applied for $$$ would they be in this mess today.."

We'll never know if TARP would have saved United...odds are it would have. It worked for thousands of banks and many in worse shape than United.

The CEO at the time was Scot Wetzel..he told shareholders in Nov of 2008 the bank would apply for Federal funds...and they did...one year later for reasons unknown, in Dec of 2009 management did an 180 degree turn and pulled the plug on that application at the 11th hour. They told the Treasury "it was in their best interests to withdraw its CPP application"...(where have shareholders heard those words before!). I personally think it was that decision that sent regulators into a code red... and the rest is history.

2 years LATER...in January of 2011 ..regulators shut the bank down. Still think it was a hasty decision??...think again.

United had it's "Titanic moment"...management knew icebergs in the form of souring loans were in the area but decided their ship was "unsinkable". Full speed ahead.

Do I think the regulators were perfect angels thru it all? no. I'm sure they weren't...I have first hand experience what Federal bureaucracies are like.

Do I think United was dealt with unfairly? It's a split decision in my mind. But the real question is do you think United's management made a terrible decision to go it alone without fed funds? The answer has to be a resounding yes...and there hasn't been a day go by since December of 2009 those D&O don't regret that decision.

Management imo made it easier ..to the point of near necessity..for the regulators to make a decision to shut the bank down.

Source: 2009 Annual Report

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http://quote.morningstar.com/stock-filing/Annual-Report/2009/12/31/t.aspx?t=XOTC:UWBKQ&ft=&d=3b2ff36435f1a6b62e2db10c8d8e19be