New Frontier loans sell at big discount
GREELEY - Six months after federal regulators stepped in to liquidate Greeley's New Frontier Bank, it appears they are still working to sell off its largely troubled assets.
The Federal Deposit Insurance Corp., charged with liquidating the assets of failed institutions, has recently listed the former New Frontier offices in Longmont and Windsor for sale on its website for $1.92 million and $1.84 million respectively.
Various New Frontier loans are also listed. FDIC sales records indicate that an auction that closed on Sept. 3 garnered about 25 cents on the dollar for a portfolio of 415 performing and non-performing loans carrying a book value of $472.67 million. A Sept. 17 sale netted about 38 cents on the dollar, with a 1,780-loan portfolio valued at $102.85 million selling for $38.59 million.
The first New Frontier loan portfolio listed contained $455 million in agricultural loans with due diligence starting on July 20 and bid day on Aug. 18. Another $250 million portfolio of performing and non-performing New Frontier agricultural loans was opened up for due diligence more recently, with bids due on Oct. 20. Closing and transfer of the winning bids is set for Nov. 5.
Tranches of New Frontier loans have also been