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| January 30, 2009 |
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New Sen. Bennett plans Greeley appearance
GREELEY - U.S. Sen. Michael Bennett, D-Colo., who was sworn in Jan. 22 to fill the seat vacated by U.S. Interior Department Secretary Ken Salazar, will speak Jan. 31 in Greeley.
Bennett's appearance is scheduled for 10:30 a.m. at the Greeley Senior Activity Center, 1010 Sixth St. The event is open to the public, but organizers ask those wanting to attend to RSVP by e-mail to bennetreception@gmail.com.
The senator will also appear later Saturday at a reception open to $100 contributors to the Weld County Democratic Party. County chairwoman Pat Waak will host the event at 6:30 p.m. on the second floor of the Greeley Building, 710 11th Ave. For more information, call 970-351-7047.
Bennett is the former superintendent of Denver Public Schools, served as Denver Mayor John Hickenlooper's chief of staff and began his career as a corporate lawyer. Gov. Bill Ritter chose him to take over Salazar's unexpired Senate term when Salazar was selected for President Barack Obama's cabinet. |
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Advanced Medical Imaging hits national list
NORTHERN COLORADO - The region's largest radiology practice, with 28 full- and part-time doctors on staff, is the only Colorado radiology group to be recognized among the 50 largest in the nation.
Advanced Medical Imaging Consultants, with a base of operations split between Fort Collins and Loveland, is profiled in the Winter 2008 edition of The Radiology Business Journal, the leading trade publication for practice administrators in the specialty.
The practice appears as No. 33 on the list, ranked by number of physicians. The group performed 385,000 procedures last year, according to the publication.
AMIC is the provider of X-ray, ultrasound, CT and MRI image interpretations at Poudre Valley Hospital and the Harmony Imaging Center in Fort Collins, and in Loveland at Medical Center of the Rockies, McKee Medical Center and Skyline Center for Health.
The practice serves a market that spreads across Northern Colorado, southern Wyoming and southwest Nebraska. More information on the group is at www.advmedimaging.com. |
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New Frontier Bank under cease-and-desist action
GREELEY - One of Northern Colorado's largest banks was put under a cease-and-desist enforcement action by bank regulators in December.
Greeley-based New Frontier Bank consented to the Federal Deposit Insurance Corp. action on Dec. 2. The FDIC released all of its December enforcement actions Friday morning. The order requires the bank to implement corrective action on the following "unsafe or unsound banking practices and violations of law and/or regulations":
- Operating the bank with an inadequate level of capital protection for the kind and quality of assets held;
- Operating the bank with an excessive volume of adversely classified assets;
- Failing to provide an adequate allowance for loan and lease losses for the volume, kind and quality of loans and leases held;
- Failing to accurately reflect the condition of the bank in published statements and consolidated reports of condition and income;
- Operating the bank without adequate liquidity or proper regard for funds management in light of the bank's asset and liability mix;
- Operating the bank with management whose policies and practices are detrimental to the bank and jeopardize the safety of its deposits;
- Operating the bank wi thout adequate supervision and direction by the bank's board of directors over the management of the bank to prevent unsafe and unsound banking practices and violations of laws or regulations;
- Operating the bank in violation of applicable federal and state laws and regulations;
- Operating the bank with a heavy reliance on short-term potentially volatile deposits as a source for funding longer-term investments;
- Creating concentrations of credit;
- Operating the bank in contravention of written loan polices and procedures;
- Operating the bank with inadequate earnings to fund growth, support dividend payments, and augment capital;
- Operating the bank with uncontrolled growth without regard to capital protection.
The bank released a statement this morning to stress that the order does not mean the bank is closing, nor does it impact the level of insurance for deposits. The statement also indicated that President Larry Seastrom would remain at the bank to "assist in its transition to a new management team."
"Our management team, board and shareholders will continue to address the bank's challenges and we remain confident that we will be able to implement the changes that are appropriate to protect the safety and soundness of the bank," said Bob Brunner, chairman of New Frontier Bancorp, in a prepared statement. "We remain dedicated to this community and helping our local families and businesses by providing personalized banking services with the exceptional level of service we are known to deliver."
The bank also announced it is in "advanced discussions" with an investor group to raise $30 million in capital for the bank. A story in today's issue of the Northern Colorado Business Report, which went to press earlier this week, describes the potential deal.
New Frontier, which held the No. 2 deposit market share spot in Northern Colorado as of June 30, was founded in 1998. It grew to $1 billion in assets by the third quarter of 2006 and had reached $2 billion within the next two years.
The bank's assets have been hit by the economic downturn. As of the third quarter of 2008 -- the most recent financial data available -- New Frontier had $33.8 million worth of real estate acquired through foreclosure and another $86.8 million in past due assets no longer accruing interest. New Frontier is also listed as one of the largest secured creditors in the Chapter 11 bankruptcy of Eaton-based Johnson Dairy.
Click here to download PDF of FDIC enforcement action
Click here to download PDF of New Frontier Bank statement |
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national news
GDP sees biggest drop in 27 years
WASHINGTON (Reuters) - The economy shrank at its fastest pace in nearly 27 years in the fourth quarter, government data showed on Friday, sinking deeper into a recession that the White House said demanded urgent action.
Honda, Toyota and Porsche eye auto industry carnage
TOKYO/STUTTGART (Reuters) - Sliding car sales dealt fresh blows on Friday to the earnings of top auto makers caught in the worst industry downturn in decades.
Consumers' mood improves slightly in January
NEW YORK (Reuters) - Consumer confidence rose to a four-month high in January, helped by optimism that President Barack Obama's new administration might bring relief from a year-long recession, a survey showed on Friday.
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