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United Western Bancorp Inc. (fka UWBKQ)

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Last Post: 1/21/2021 12:18:16 PM - Followers: 190 - Board type: Free - Posts Today: 0


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
#50081   Computer issues Wished her a Merry Christmas Newtogame 01/21/21 12:18:16 PM
#50080   Come on NEW share a little light with Chaleco 01/21/21 11:52:26 AM
#50079   .......BANKS are starting to absorb the pain of fredscott36 01/21/21 11:47:54 AM
#50078   ........PETITIONER/SIGNOR/TRUSTEE/rooster............have full control over the BK an fredscott36 01/21/21 10:47:10 AM
#50077   NTG, is that all the information you received Large Green 01/21/21 09:59:41 AM
#50076   Ha Just received a message from Liana Prieto Newtogame 01/21/21 09:21:13 AM
#50075   proceeds in transit?...and on the exact day of $27 01/21/21 07:41:01 AM
#50074   SHOW ME THE MONEY AS NOTHING ELSE COUNTS! Large Green 01/21/21 07:09:15 AM
#50073   ......cock-a-doodle-do.................................... .. fredscott36 01/21/21 06:57:16 AM
#50071   ........................FCNCA...........$654.69 +16.29 (+2.55%)... fredscott36 01/20/21 10:45:50 AM
#50069   Doc, hehehe, who knows this and WaMu may Large Green 01/20/21 09:08:31 AM
#50068   LG, I have to laugh when you are Docsavag 01/20/21 08:59:59 AM
#50067   Good news if fred is even close to Large Green 01/20/21 07:31:09 AM
#50066   ......your new name, ROOSTER, is....well...........ROOSTER...... fredscott36 01/20/21 07:27:09 AM
#50065   Fred, since the FDIC completed and approved all Large Green 01/20/21 07:18:54 AM
#50064   ......ROYAL BANK OF CANADA has $1.6-TRILLION in assets........... fredscott36 01/19/21 09:29:20 AM
#50063   .....we're definitely HISTORY, largie.........whenever.........I fredscott36 01/19/21 08:13:30 AM
#50062   Well, there could be done behind the scenes Large Green 01/19/21 08:07:03 AM
#50061   .....100% AGREED the FDIC is back in business..........Martin fredscott36 01/19/21 07:30:15 AM
#50060   Fred, what do you think about the following Large Green 01/18/21 04:08:56 PM
#50059   .......DON would have blocked RY buying FCB..............because v fredscott36 01/18/21 11:41:19 AM
#50058   BINGO!!!!!!!!!!!!!!!!!!!! BBANBOB 01/18/21 11:34:18 AM
#50057   We have become a nation of laws, with Docsavag 01/18/21 11:33:55 AM
#50056   No argument there! In my opinion, the only investandpray 01/18/21 11:27:46 AM
#50055   Actually, I was but bailed a long time investandpray 01/18/21 11:26:35 AM
#50054   The nefarious goals for each are drag out Sunnybank 01/18/21 10:38:50 AM
#50053   Then you must not be involved in WaMu? Docsavag 01/18/21 10:13:22 AM
#50052   united western bank/usbank (search documents) Newtogame 01/18/21 10:11:09 AM
#50051   https://www.federalregister.gov/public-inspection/search?conditions%5Bterm%5D=un Newtogame 01/18/21 10:07:59 AM
#50050   At this rate, it will be another 10 investandpray 01/18/21 09:56:46 AM
#50048   so what's next? timeline Hewhocantrade 01/18/21 09:02:14 AM
#50047   Don’t forget to destroy those documents, Fred, lmao. Sunnybank 01/18/21 07:35:11 AM
#50045   ......ANY EVIDENCE WHATSOEVER OF A PAYOUT ON THE fredscott36 01/18/21 07:00:28 AM
#50044   ......JOEY is a done deal........................smart money will fredscott36 01/17/21 07:32:10 AM
#50042   ..............no worries, LARGIE...............pressure is on the FDIC and fredscott36 01/17/21 07:19:17 AM
#50041   Hey fred, this sack tingle of yours seems Large Green 01/17/21 07:12:19 AM
#50040   ..............................SACK TINGLE......................... fredscott36 01/17/21 06:53:43 AM
#50039   So... a good end or a dead end? Sunnybank 01/16/21 11:33:13 AM
#50038   ORDER ACCEPTING TRUSTEE'S REPORT AND CLOSING CASE Hewhocantrade 01/16/21 10:21:04 AM
#50036   .......no more filings by the uwbi BK TRUSTEE...............paying fredscott36 01/16/21 10:09:44 AM
#50035   Chapter 7 Trustee's Report of No Distribution Newtogame 01/16/21 09:40:05 AM
#50034   Chapter 7 Trustee's Report of No Distribution Hewhocantrade 01/16/21 09:37:00 AM
#50033   .............DON IS LONG GONE, LARGIE...............he was a mes fredscott36 01/16/21 08:34:27 AM
#50032   Isn’t that referred to as a managerie a Docsavag 01/16/21 08:33:11 AM
#50030   Large Green 01/16/21 08:09:50 AM
#50026   Good, at least this is over and now Large Green 01/16/21 07:37:58 AM
#50025   PROOF or evidence of any cash balance, or fredscott36 01/16/21 07:34:40 AM
#50024   Maybe fred was able to get some rest Large Green 01/16/21 05:47:22 AM
#50023   I think he owes it to ya, Bbsn...let Docsavag 01/15/21 04:48:04 PM
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