New Frontier assets to be auctioned
The assets up for auction range in value from $34,500 to more than $7.4 million and are scattered from Hayden, a town of approximately 1,600 situated along Highway 40 between Craig and Steamboat Springs, to Colorado Springs.
The largest of the properties is 38 acres of commercial retail land located in Berthoud. The parcel originally totaled 45 acres, but Safeway purchased seven acres from the borrower. No construction has begun on that parcel.
The wide range in size and location of loans made by New Frontier is a testament to how large the now-defunct bank once was, holding 17.8 percent of the deposit market share in Northern Colorado and $1.47 billion in assets as of June 30, 2008, less than a year before it was shuttered by the Federal Deposit Insurance Corp.
By the end of 2008, New Frontier shot past $2 billion in assets, making its mark as the largest agricultural lender in Northern Colorado, just 10 years after it was founded. But the heyday ended when, in the first part of 2009, the FDIC came to town, shut the doors of the Greeley-based bank and began the task of selling
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