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United Western Bancorp Inc. (fka UWBKQ)

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Last Post: 5/11/2021 8:27:47 AM - Followers: 192 - Board type: Free - Posts Today: 2



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.

 

    
    
PostSubject
#31703  Sticky Note What happened with the excluded Assets & Liabilities iPrelude 10/09/14 09:42:28 PM
#51019   ......FRANKIE's dirty, under-capitalized, to-be-seized CREDIT UNION is going fredscott36 05/11/21 08:27:47 AM
#51018   .....TODAY's evidentiary Lindbergh Baby................$6.50 per, cash............ fredscott36 05/11/21 07:28:54 AM
#51017   This figures are in millions. https://receivership.fdic.gov/drripbal/bank/10331?FIN=10331 link for Chaleco 05/10/21 11:53:11 PM
#51016   Got a link? sidedraft 05/10/21 11:23:34 PM
#51015   Assets Current Balance Chaleco 05/10/21 09:08:50 PM
#51014   not exciting Hewhocantrade 05/10/21 01:37:22 PM
#51013   Hewho Look again , as of last week Chaleco 05/10/21 01:13:17 PM
#51012   DrRIP is updated Hewhocantrade 05/10/21 11:24:46 AM
#51011   Sure hope it’s not because documents were destroyed ;-) Sunnybank 05/10/21 09:29:24 AM
#51010   maybe they can fix the typo Hewhocantrade 05/10/21 09:16:08 AM
#51009   LOL Is it time for the FDIC to Newtogame 05/10/21 09:07:07 AM
#51008   Bank Number/Name/Date Closed Fin Institution Name Dividend Type Priority % Paid Total Paid Pay Date Newtogame 05/10/21 09:05:34 AM
#51007   Priority of Dividends: Newtogame 05/10/21 09:02:48 AM
#51006   Final: Dividends paid from the remaining proceeds derived Newtogame 05/10/21 09:01:05 AM
#51005   ......remember, frankie only owes you dweebs $75mio..........ella ann's fredscott36 05/10/21 07:39:00 AM
#51004   Ahhh... bingo. Thanks for that. Sunnybank 05/09/21 03:39:42 PM
#51003   I probably should have clarified further: Drew as investandpray 05/09/21 11:23:59 AM
#51002   HEWHO Seems with LEH and UWBK and some OTHER BBANBOB 05/09/21 11:18:35 AM
#51001   Drew two could be 200mish recoveries Hewhocantrade 05/09/21 11:14:54 AM
#51000   SHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH ""So long as that isn't t BBANBOB 05/09/21 11:11:28 AM
#50999   One can only hope BBANBOB 05/09/21 11:08:14 AM
#50998   So long as that isn't two bucks even, Sunnybank 05/09/21 11:07:52 AM
#50997   My interpretation of the Drew Two = investandpray 05/09/21 11:05:07 AM
#50996   Come on FRED, just a little FRED HINT!!!!!!! BBANBOB 05/09/21 10:33:56 AM
#50995   Good morning Fred. Are you still with distributions Large Green 05/09/21 07:55:40 AM
#50994   .....what's GUY'S advice on FCNCA..................??????...........he might b fredscott36 05/08/21 11:31:03 AM
#50993   Guy Gibson once told me ----Buy them for Newtogame 05/08/21 11:16:26 AM
#50992   Me too, Doc... we loved and cried over Sunnybank 05/08/21 10:39:16 AM
#50991   I’ll be the first to admit that I Docsavag 05/08/21 10:05:40 AM
#50990   Losing pets can be harder than losing people sometimes... Sunnybank 05/08/21 09:37:01 AM
#50989   There’s our Fred... bold and in color:-) Sunnybank 05/08/21 09:35:07 AM
#50987   .....re: Lindbergh Baby sightings..................... fredscott36 05/08/21 09:21:32 AM
#50986   Most graciously shared to me, from the most Newtogame 05/08/21 09:03:36 AM
#50985   Yes--sadly he succumb to cancer, best buddy I Newtogame 05/08/21 08:56:06 AM
#50984   Thanks much New. Hope your sniffer is correct. Sunnybank 05/08/21 08:49:02 AM
#50983   From the LEHNQ board ( Is there a Newtogame 05/08/21 08:37:59 AM
#50982   For those who believe we are tied together Newtogame 05/08/21 08:33:44 AM
#50981   For What Its Worth -I smell $$$$$$$$$$$$$ Newtogame 05/08/21 08:26:14 AM
#50980   lawsuits on behalf uwbkq. mutant 05/08/21 12:58:50 AM
#50979   LARGE SO DAMNED LET'S SEE SOME ACTIONS!!!!!!!!!! BBANBOB 05/07/21 11:56:07 AM
#50978   Thanks NDT. Very good information and connecting the Large Green 05/07/21 11:18:57 AM
#50977   Fred, welcome back and hopefully for more than Large Green 05/07/21 11:14:12 AM
#50976   DREW TWO? investandpray 05/07/21 11:13:03 AM
#50975   ""DREW TWO"" please say this aint $2 BBANBOB 05/07/21 11:12:19 AM
#50974   HE LIVESSSSSSSSSSS BBANBOB 05/07/21 11:10:09 AM
#50973   NTD: appears that ella ann HOLDING transferred 300K fredscott36 05/07/21 10:37:25 AM
#50972   ironic TAA rule proposal Hewhocantrade 05/07/21 09:38:15 AM
#50971   Ella Ann Grat Holdings - this filing basically Nightdaytrader 05/06/21 10:16:58 PM
#50968   Thank you, NDT. This seems consistent with Large Green 05/05/21 05:52:02 AM
#50967   could it be a 5 yr grat Hewhocantrade 05/04/21 01:35:28 PM
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