New Frontier officers barred from banking
GREELEY — Six officers of the failed New Frontier Bank in Greeley have been prohibited by the Federal Deposit Insurance Corp. from engaging in banking-related activities as a result of their involvement with NFB, which was closed and taken over by the FDIC in 2009.
Barred from further participation in banking activity were Larry Seastrom, New Frontier’s founder and president; bank directors Timothy Thissen, Jack P. Renfroe, Robert J. Brunner, John O. Kammeier; and banking officer Greg Bell.
The FDIC documents said each of the men entered into the consent agreements “without admitting or denying any violations, unsafe or unsound banking practices and/or any breaches of fiduciary duty?”
The FDIC documents said it had reason to believe that each respondent “engaged or participated in violations, unsafe or unsound banking practices, and/or breaches of fiduciary duty as an institution-affiliated party of New Frontier Bank.”
The documents also allege that, “by reason of such violations, practices and/or breaches of fiduciary duty, the bank has suffered or will probably suffer financial loss or other damage and/or respondent received financial gain or other benefit.”
The documents also