Site search
sponsored by
News
Sports
ENLARGE
Windsor-based Signature Bank is among two in northern Colorado that are receiving disciplinary actions from the Federal Deposit Insurance Corporation.
Two more northern Colorado banks — including Windsor-based Signature Bank — are receiving disciplinary actions from the Federal Deposit Insurance Corporation, bringing the area's total troubled banks to four.
Signature Bank of Windsor and Advantage Bank of Loveland — both of which also have Greeley branches — have entered into agreements with the FDIC after regular bank examinations revealed concentrations of their commercial real estate lending were too high, the bank presidents reported.
The enforcement action for Advantage, which has a branch in west Greeley at 1801 59th Ave., is technically called a cease and desist — the same order issued to Greeley's New Frontier Bank last April. But bank CEO Tom Chinnock said the FDIC has changed its terminology on such actions to be called consent orders, similar to the order that First National Bank in Fort Collins is under with the Office of the Comptroller of the Currency.
Advantage was among several enforcement actions announced on the FDIC Web site today; Signature expects a similar posting today, according to a prepared release from the bank.
In addition to branches in Greeley and Loveland, Advantage also has branches in Fort Collins and Boulder.
Signature Bank is at 355 Eastman Park Drive in Windsor and at 6801 20th St. in Greeley
Both actions require the banks to maintain capital levels and improve their concentrations of commercial real estate, the presidents report.
Officials at both banks stated they think the FDIC actions are correctable and they expect their banks to remain open.
“In our case at Advantage, we agreed to maintain capital at certain levels and reserves for loan loses, and reduce classified assets and attempt to reduce our concentrations in CRE,” Chinnock said in an interview.
Advantage's concentrations of commercial real estate lending was at 500 percent of their capital today, Chinnock reported. The FDIC considers concentrations high at 300 percent of capital. Chinnock said officials at the bank have been working for three years to reduce that concentration, which at one point hit a high of 900 percent.
Signature's concentrations are just over the threshold at 323 percent, said Bob Hinderaker, president and CEO of Signature.
“We are committing to supporting our customers,” Hinderaker said in a prepared release. “We know this may cause short term problems for the bank but we feel we owe it to our customers to support them through these challenging times.”
For more on this story, go to www.greeleytribune.com.
Signature Bank of Windsor and Advantage Bank of Loveland — both of which also have Greeley branches — have entered into agreements with the FDIC after regular bank examinations revealed concentrations of their commercial real estate lending were too high, the bank presidents reported.
The enforcement action for Advantage, which has a branch in west Greeley at 1801 59th Ave., is technically called a cease and desist — the same order issued to Greeley's New Frontier Bank last April. But bank CEO Tom Chinnock said the FDIC has changed its terminology on such actions to be called consent orders, similar to the order that First National Bank in Fort Collins is under with the Office of the Comptroller of the Currency.
Advantage was among several enforcement actions announced on the FDIC Web site today; Signature expects a similar posting today, according to a prepared release from the bank.
In addition to branches in Greeley and Loveland, Advantage also has branches in Fort Collins and Boulder.
Signature Bank is at 355 Eastman Park Drive in Windsor and at 6801 20th St. in Greeley
Both actions require the banks to maintain capital levels and improve their concentrations of commercial real estate, the presidents report.
Officials at both banks stated they think the FDIC actions are correctable and they expect their banks to remain open.
“In our case at Advantage, we agreed to maintain capital at certain levels and reserves for loan loses, and reduce classified assets and attempt to reduce our concentrations in CRE,” Chinnock said in an interview.
Advantage's concentrations of commercial real estate lending was at 500 percent of their capital today, Chinnock reported. The FDIC considers concentrations high at 300 percent of capital. Chinnock said officials at the bank have been working for three years to reduce that concentration, which at one point hit a high of 900 percent.
Signature's concentrations are just over the threshold at 323 percent, said Bob Hinderaker, president and CEO of Signature.
“We are committing to supporting our customers,” Hinderaker said in a prepared release. “We know this may cause short term problems for the bank but we feel we owe it to our customers to support them through these challenging times.”
For more on this story, go to www.greeleytribune.com.
