Colorado Bank Failure Could Mean Disaster For Farmers, Ranchers
Aug 27, 2009
There's no word yet on the fate of 418 bank loans held by farmers and ranchers that were set to be auctioned August 18 by the Federal Deposit Insurance Corporation (FDIC). According to The Denver Post, the auction was part of the liquidation process of New Frontier Bank in Greeley, Colo., which failed in April. The FDIC was set to auction the loans via the internet. The outlook for the farmers and ranchers holding the loans was not optimistic since 70% the loans were listed as non-performing, meaning they were 60 or more days deliquent at the time of the bank failure. Please click here for the full The Denver Post story.
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