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United Western Bancorp Inc. (fka UWBKQ)

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Last Post: 4/2/2020 6:40:03 PM - Followers: 192 - Board type: Free - Posts Today: 20


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
#46569   Par for the course, right? Unreal! investandpray 04/02/20 02:57:18 PM
#46568   I just got off the phone with Simon Cbart 04/02/20 02:29:51 PM
#46567   ......not a gloom and doomer, but the CONSEQUENCES fredscott36 04/02/20 11:26:54 AM
#46566   .........GRAN LEGACY, bob....................CVS store brand booze.............great b fredscott36 04/02/20 11:04:46 AM
#46565   Then SHOW me the MONEY and THE BOAT!!!!!!!!!!!!!!!!! BBANBOB 04/02/20 11:03:44 AM
#46564   ...good point, BOB.....................I could still ship the boat fredscott36 04/02/20 10:40:27 AM
#46563   butt butt FRED BBANBOB 04/02/20 10:34:01 AM
#46562   1966 The Glenlivet 'The Winchester Collection' 50 Year BBANBOB 04/02/20 10:30:14 AM
#46561   ....the O-worm in the fatty, BOB, is in fredscott36 04/02/20 10:24:52 AM
#46560   HEHEHEHE SO where is my MILLION $$$DOLLAR$$$ WORM?????????? BBANBOB 04/02/20 10:18:16 AM
#46559   ......dude, I think FC/venable LLP can go directly fredscott36 04/02/20 10:03:19 AM
#46558   KARMA IS LIKE A BIG RUBBER BAND it BBANBOB 04/02/20 09:39:05 AM
#46557   .....off topic, but FCNCA is toast, imo.................it does fredscott36 04/02/20 09:27:33 AM
#46556   .......I've been searching............I placed a call with our fredscott36 04/02/20 08:38:52 AM
#46555   HELP We need to find this!!!!!!!!! Newtogame 04/02/20 08:27:24 AM
#46551   ..........SACK TINGLE............???????.......................... fredscott36 04/02/20 08:23:59 AM
#46550   ....AGREED......GUY's attitude is nothing will happen from any fredscott36 04/01/20 09:27:30 AM
#46549   Sounds reasonable. But surly there would have to Large Green 04/01/20 09:17:02 AM
#46548   ......LG, I'm almost certain the BK TRUSTEE sent fredscott36 04/01/20 09:08:21 AM
#46547   .......the real estate industries, both residential and commercial fredscott36 04/01/20 08:58:53 AM
#46546   Fred, it would seem something would have to Large Green 04/01/20 08:54:20 AM
#46545   ........uwbi BK TRUSTEE should close out the BK..........given fredscott36 04/01/20 08:37:21 AM
#46544   ......WORLD ECONOMIES and stock markets are going to fredscott36 03/31/20 09:32:53 AM
#46543   .........STANDARD FDIC..........drag out a nasty bank RECEIVERSHIP that fredscott36 03/31/20 09:05:11 AM
#46542   .........ROCK ON, LG............(isn't it a little early in fredscott36 03/30/20 09:48:03 AM
#46541   fred, I predict will close out soon with Large Green 03/30/20 09:29:10 AM
#46540   ........the FDIC CAN ONLY LOSE by allowing the fredscott36 03/30/20 09:13:37 AM
#46539   ....the FDIC's girlie girl, window dressing POLICY STATEMENTS..............is fredscott36 03/30/20 09:04:17 AM
#46538   if we don't close soon, that means we Newtogame 03/30/20 08:59:53 AM
#46537   FDIC Dividends from Failed Banks Newtogame 03/30/20 08:47:59 AM
#46536   .......uwbi BK SHOULD CLOSE ANY DAY, imo.........also, the fredscott36 03/30/20 08:38:55 AM
#46535   Mr. Motel @ batesco711, very, very solid. Thank Large Green 03/29/20 05:06:13 PM
#46534   To the honorable Mr. Scott I've got batesco711 03/29/20 04:22:21 PM
#46533   And "we" will burn a lot more $$$ Sunnybank 03/29/20 01:09:26 PM
#46532   fred, sounds like you have a handle on Large Green 03/29/20 10:17:27 AM
#46531   .........I was told WE - WE are deciding fredscott36 03/29/20 09:04:54 AM
#46530   Fred you know for years nothing made sense Large Green 03/29/20 08:47:34 AM
#46529   .......REALITY, banjo caitlyn.............GRANTED, the 300,000 shares of FCNCA fredscott36 03/29/20 08:36:19 AM
#46528   FRED YOUR TUCKING TAIL AGAIN, man you crawfish BBANBOB 03/28/20 03:03:52 PM
#46527   .......FC may move for uwbi BK CLOSURE......$77mio +/- fredscott36 03/28/20 08:43:31 AM
#46526   Thank you Bob! investandpray 03/27/20 01:27:56 PM
#46525   When IHUB is getting ready to have SYSTEM BBANBOB 03/27/20 01:26:45 PM
#46524   No idea why my posts are duplicated??? investandpray 03/27/20 01:07:02 PM
#46523   Is it April 15 yet? investandpray 03/27/20 12:52:07 PM
#46522   Is it April 15 yet? investandpray 03/27/20 12:52:05 PM
#46521   ......GLOBAL DEPRESSION.......100%............without COVID-19................ fredscott36 03/26/20 11:05:46 AM
#46520   The Hokey Pokey of money... Docsavag 03/26/20 10:41:57 AM
#46519   LG Now this would be sort of IRONIC BBANBOB 03/26/20 09:42:09 AM
#46518   Yeah Fred, make it happen. They probably want Large Green 03/26/20 09:12:39 AM