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United Western Bancorp Inc. (fka UWBKQ)

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Last Post: 12/8/2021 12:06:07 PM - Followers: 195 - Board type: Free - Posts Today: 13



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
#53123   ......IF JANET YELLEN, DOUG EMHOFF, the FDIC, and fredscott36 12/08/21 12:06:07 PM
#53122   .....NO..............hell, NO.................tommy.............I get your point, tommy............. fredscott36 12/08/21 10:25:25 AM
#53121   You REALLY trust the Legal types, especially when Docsavag 12/08/21 10:21:13 AM
#53120   .......smart money is selling frankie's ENTIRE JUNK PILE fredscott36 12/08/21 10:21:05 AM
#53119   ......there you go again, DOCKIE................what was the name fredscott36 12/08/21 09:59:17 AM
#53118   Unless it can be proven that such a Docsavag 12/08/21 09:52:17 AM
#53117   .......Trusts and Estates.........................that's the name of the course fredscott36 12/08/21 09:45:48 AM
#53116   Or in OKIE speak aint mine till I BBANBOB 12/08/21 09:45:25 AM
#53115   Unless such stock is in an individual's name, Docsavag 12/08/21 09:36:53 AM
#53114   ...........WHO DO YOU THINK YOU ARE, manwell................Kemosabe BOBBIE..... fredscott36 12/08/21 08:52:46 AM
#53113   To all we have lossed 25% of the LGL8054 12/08/21 08:31:55 AM
#53112   ......serious, serious BIZ..................that is, FCB's proposed take-over/mer fredscott36 12/08/21 08:29:56 AM
#53111   ................JANET YELLEN................?????.......................... fredscott36 12/08/21 07:57:04 AM
#53110   Bban, please pass the Boone's Farm...damn shame we Docsavag 12/07/21 02:46:37 PM
#53109   I have trouble bringing myself to drink Louse BBANBOB 12/07/21 01:57:18 PM
#53108   ......both uwbi and WaMu could and probably should fredscott36 12/07/21 12:36:58 PM
#53107   And even on the low side of our BBANBOB 12/07/21 12:32:15 PM
#53106   Poor ole fred MAY wished he DID not Large Green 12/07/21 12:27:32 PM
#53105   .......DID DOUG EMHOFF TELL THE FDIC TO..............geterdunnnnn! fredscott36 12/07/21 12:26:02 PM
#53104   OL FRED might be wishing he had been BBANBOB 12/07/21 12:25:23 PM
#53103   .........btw, LAR LAR, please have those "RAILS" lined Large Green 12/07/21 12:07:14 PM
#53102   .....LAR LAR, you appreciate that WaMu is off fredscott36 12/07/21 12:01:41 PM
#53101   Believe Recent PLR is WaMu (I Do) Then Large Green 12/07/21 11:50:15 AM
#53100   ......situation is more complicated than just that, BANJO fredscott36 12/07/21 11:44:28 AM
#53099   "" Mr. Holding wants all of this to BBANBOB 12/07/21 11:03:56 AM
#53098   .......... Chateau Lafite Rothschild?.................Ms. SAVAGE.......... fredscott36 12/07/21 10:41:11 AM
#53097   Elephants have shorter gestation periods... Docsavag 12/07/21 10:35:05 AM
#53096   .................PUSH THE F/-ing GREEN BUTTON............to whomever that Richmo fredscott36 12/07/21 10:25:01 AM
#53095   ..................$809.69 +5.92 (+0.74%).......................... fredscott36 12/07/21 09:33:57 AM
#53094   .....not sure where GUY ALLEN GIBSON is hiding..............but fredscott36 12/07/21 07:45:03 AM
#53093   .....NORMAN BATES................ROCKS............the motel...... fredscott36 12/07/21 07:26:18 AM
#53092   To the honorable Fred Scott: Are we stuck batesco711 12/06/21 01:18:23 PM
#53091   ......AWAITING a <mouse click> from the FED.................green fredscott36 12/06/21 01:04:14 PM
#53090   .......June 28, 2016......................SEC.gov.....................FCNCA...........(might be FCNC fredscott36 12/06/21 12:43:41 PM
#53089   .....bring in RY's two PJs from TORONTO.....................to frankie's fredscott36 12/06/21 12:31:36 PM
#53088   ........$818.42 +29.85 (+3.79%)..........too much stress with this fredscott36 12/06/21 12:10:30 PM
#53087   -------in the past three years, not one PR 8lang 12/06/21 10:45:44 AM
#53086   go look up the dates Hewhocantrade 12/06/21 10:39:49 AM
#53085   Ok, Tell me Why? 8lang 12/06/21 10:34:06 AM
#53084   wrong Hewhocantrade 12/06/21 10:30:33 AM
#53083   Very interesting ! FDIC has not announced a 8lang 12/06/21 10:29:04 AM
#53082   ........................$812.30 +23.73 (+3.01%)................... fredscott36 12/06/21 10:19:58 AM
#53081   ............genius post, 8-ball.............it seems the BK TRUSTEE is fredscott36 12/06/21 10:15:36 AM
#53080   SILENCE FDIC BK COURT......!?!?!? 8lang 12/06/21 10:11:23 AM
#53079   ......the key, Ms. BANK, is having an entire fredscott36 12/06/21 09:44:41 AM
#53078   2022 rates only slightly increased vs. 2021. Standard Sunnybank 12/06/21 09:38:35 AM
#53077   ...........IS FRANK B. HOLDING, Jr...............a NERVOUS WRECK....................?? fredscott36 12/06/21 09:18:28 AM
#53076   .......FDIC does this on purpose, imo, when it fredscott36 12/06/21 08:43:55 AM
#53075   Plus any applicable state tax plus the 3.8% Sunnybank 12/06/21 08:32:36 AM
#53074   .....ONLY ONE BIG NEGATIVE WITH THIS MONSTER.................cash portion fredscott36 12/06/21 08:07:58 AM
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