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United Western Bancorp Inc. (fka UWBKQ)

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Last Post: 10/22/2018 11:51:32 AM - Followers: 193 - Board type: Free - Posts Today: 0



UNITED WESTERN BANKCORP INC. (UWBK)

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


PR FROM FEBRUARY 2011 ANNOUNCING COMPLAINT AGAINST THE OTS (OFFICE OF THRIFT SUPERVISION):


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.

 

    
    
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PostSubject
#31703  Sticky Note What happened with the excluded Assets & Liabilities iPrelude 10/09/14 09:42:28 PM
#42310   ..........honestly, dondon might fail and take the U.S. fredscott36 10/22/18 11:51:32 AM
#42308   ........REALITY = FDIC remuneration program............gotta swig some whiskey fredscott36 10/22/18 10:47:37 AM
#42307   750 million...or 749 and change on fcnca 10k $27 10/22/18 10:37:04 AM
#42306   ......we need to stay in bed with the fredscott36 10/22/18 10:34:02 AM
#42305   IF IF IF it RESTITUTION takes place, they BBANBOB 10/22/18 10:22:48 AM
#42304   .........imo, not a scintilla of worry.............uwbi situation is fredscott36 10/22/18 10:21:04 AM
#42303   wonder how USB feels about all this... $27 10/22/18 10:18:05 AM
#42302   ......fuzzy math, BOB, but 300,000 shares of FC..........would fredscott36 10/22/18 10:17:35 AM
#42301   .....BOB, I believe the MATH, even on a fredscott36 10/22/18 09:57:31 AM
#42300   He must mean that this is in addition Docsavag 10/22/18 09:54:18 AM
#42299   ...$427.35 +$1.05 (+0.25%)..................Divided by 148 ='s $2.88 BBANBOB 10/22/18 09:43:58 AM
#42298   .................First Citizens BancShares, Inc. (FCNCA).......... fredscott36 10/22/18 09:38:01 AM
#42297   holdco is on fc's books; so, whatever the fredscott36 10/22/18 09:11:02 AM
#42296   RHETORICAL, METAPHORICAL, HYPERBOLE................hereon..........speculative......wo fredscott36 10/21/18 12:08:29 PM
#42295   ......haynes simply lobbed a softball 'clarification' request to fredscott36 10/21/18 11:42:35 AM
#42294   ......uwbi ITR minor adjudication is taking longer than fredscott36 10/20/18 11:11:15 AM
#42293   .........FCNCA..........$426.30 -$7.91 (-1.82%).......................... fredscott36 10/20/18 10:48:37 AM
#42292   Fred where did you go?? Come back Fred!!!!! Newtogame 10/19/18 12:04:04 PM
#42291   When a financial institution is closed and the Newtogame 10/19/18 12:02:18 PM
#42290   +1 $27 10/19/18 11:51:27 AM
#42289   ev·i·dence noun: evidence Newtogame 10/19/18 11:43:43 AM
#42288   Of course if you have a small (nib) Newtogame 10/19/18 11:30:08 AM
#42287   DREAM BIG Newtogame 10/19/18 11:28:03 AM
#42286   ....YES, YES, I believe UWBI CUSIPS will end fredscott36 10/19/18 09:39:09 AM
#42285   Jpm has been sniffing for awhile now. My garyhalvo 10/19/18 09:28:31 AM
#42284   ......JPM is sniffing around NC, wants to expand fredscott36 10/19/18 09:01:23 AM
#42283   ANOTHER DAY AND NO 'ORDER AND JUDGEMENT' FROM fredscott36 10/19/18 08:45:05 AM
#42281   ......official statement from the U.S. Court of Appeals, fredscott36 10/18/18 09:38:02 AM
#42280   .....only worry is haynes taking another 6 months fredscott36 10/18/18 08:58:35 AM
#42279   .......you sayin' FRANK B. HOLDING, Jr. has more fredscott36 10/17/18 11:53:47 AM
#42278   Bring it then and geterdun! BBANBOB 10/17/18 11:45:52 AM
#42277   ....btw, we have money, we have mucho uwbi fredscott36 10/17/18 11:30:32 AM
#42276   ........hi frankie......whatup....???......FCNCA........$430.70 -$6.83 (-1.56%)...... fredscott36 10/17/18 11:18:24 AM
#42275   ........https://www.tween-waters.com/marina-cam/ fredscott36 10/17/18 09:34:27 AM
#42274   .........WAITING ON THE US/COA/10 MANDATE........re: uwbi ITR which fredscott36 10/17/18 09:01:28 AM
#42273   Trump has a web site for legal wrong BBANBOB 10/16/18 02:36:32 PM
#42272   FC and Frankie still owe's UWB $600 Million LGL8054 10/16/18 02:32:46 PM
#42271   ............AMOUNTS, fred, how much.........??????........................... fredscott36 10/16/18 10:00:34 AM
#42270   .......btw, the uwbi cusip holder distributions can and fredscott36 10/16/18 09:26:11 AM
#42269   ......LATEST PROBLEMS: 1. ARE BK TRUSTEE CASH LIQUIDATION fredscott36 10/16/18 09:01:57 AM
#42268   ...........FCNCA...........$428.63 -$1.76 (-0.41%)..............th fredscott36 10/15/18 12:10:08 PM
#42267   .....IF any of you backdoor BRONIES wuz wanting fredscott36 10/15/18 11:07:20 AM
#42266   .......my QUESTION to the A/CT/10 was can a fredscott36 10/15/18 10:00:50 AM
#42265   ......only POZZIE left to this UWBI nightmare, imo, fredscott36 10/15/18 09:11:51 AM
#42264   COOL At least they half ass WOKE THE HELL UP!! BBANBOB 10/14/18 02:30:55 PM
#42263   ........https://www.youtube.com/watch?v=xrCMlSWlDX8 fredscott36 10/14/18 01:14:25 PM
#42262   .........sitting right here, 24/7, staring at a pic fredscott36 10/14/18 11:37:15 AM
#42261   ......U.S. STOCK MARKET COULD CRASH...........if CHINA's ECONO fredscott36 10/11/18 11:05:07 AM
#42260   .......AGREED........Olivia sold a big chunk of FCNCA (B?) fredscott36 10/11/18 10:43:09 AM
#42259   WHY DO YA THUNK MRS FRANKIE SOLD all BBANBOB 10/11/18 10:36:01 AM
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