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CBA Response to FDIC’s Takeover of New Frontier Bank
Apr.10.2009
Denver, CO – “The isolated bank failure will inevitably occur from time to time – in good economic conditions and bad. The first priority of our regulatory system is not to ensure that there will never be a bank failure, but to protect the customer if one occurs. Most importantly, every bank customer can rest assured knowing all deposits are always insured up to at least $250,000 – no matter where they bank.” “Additionally, the FDIC’s time-tested and methodical approach provides a seamless transfer of authority. This ensures the customers and community experience the least amount of disruption to their normal financial needs.” “Ultimately we must look at the process not based on if a bank failure occurs but how the FDIC seamlessly transfers authority, protects customers’ deposits, and facilitates the community’s financial needs.” “We can rest assured knowing that the banking regulatory system is performing at an all-star level. Our economy has administered the hardest test on the industry we’ve seen for decades, and by and large our country’s regulated banks are safe, secure, and positioned to help our communities keep moving forward.” “In Colorado, 97% of the banks, holding 99% of the assets in the state, meet the regulators’ healthiest classification: “well capitalized.” In 2008, that allowed Colorado banks to increase lending levels 11.7%. The majority of banks have increased lending in 2009 as well.” ### The Colorado Bankers Association represents over 90% of the $100 billion in assets within the 190 Colorado banks. On behalf of the 23,000 men and women who work in Colorado’s banks CBA works with government seeking a better banking industry in this rapidly changing environment. CBA also provides banking-specific information and education, offers bank insurance, anti-fraud efforts, and numerous other miscellaneous services. MEDIA CONTACT: Don Childears, President/CEO 303 825 1575 Off-hours contact: 303 249 3541 Tim Powers, Director of Communications 303 825 1575 Off-hours contact: 303 709 8061