Well we saw something you don’t see everyday. The reason for the FDIC. It took over as New Frontier Bank closes in Greeley (in Longmont and Windsor as well).
News Crews out Front
We do have an account there and a CD. So we have some concern, but the FDIC had a spokesman out front today to assure customers that their money is safe. It’s interesting that the spokesman they hired was a HUGE guy. The guy was 7 feet of nicely prepared suit. I started to think about why they had such a huge figure representing the FDIC? Of course! They want to appear as big and strong as they can. Makes sense. Rest assured citizen, your money is safe.
You can see the huge FDIC dude on the right.
We drove by late last night on our way to get some pizza and knew something was up. All the lights were on and there were a TON of cars around the parking lot. This was about 10pm on a Friday night. We also knew someone who worked pretty high up there and we were aware that this may happen but you never really expect it.
600 meeelion dollars
Turns out around $600 million dollars will be used to cover the losses of the bank. That’s taxpayer money.
We needed to drop off some checks and other odds and ends at the bank this weekend and had planned on going to New Frontier. We ended up going to another bank as a result of it closing. We had some coin change to turn in which was an interesting journey in itself. Their coin machine got jammed and they had to take it all apart while we stood and watched. There was at one point 3 employees working on the change machine..lol.
Anyway, as far as New Frontier, and actually the entire U.S. banking and financial system, we are witnessing history. We knew a lot of customers and employees. Family and friends banked there so its weird to see it make national news. Something in our small backyard. Are these the Great Depression type stories we will tell our grandchildren?
The Interesting times we live in
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We saw your bank closure in our newspaper (Salt Lake Tribune) this morning and wondered if you were affected. It will be interesting to see how the FDIC works. Sad business and a shame on our country that people can run a bank with so little accountability, while the majority of us pay the bills, save, and work for a living. On Bill Moyers show on PBS (Friday night April 10), the guy he interviewed wrote a book over a year ago entitled “If you want to rob a bank buy one.” He completely predicted the collapse and said that this is all massively illegal and a fraud perpetuated on the world, which it looks like our government is going to let the financial industry get away with.
Well you will get your money at some point… did you see this in the paper?
“Brokered deposits, CDs and IRAs are not a part of this transaction, the FDIC reports. The FDIC will mail checks to non-brokered deposit customers. The FDIC will pay the brokered deposits directly to the brokers for the amount of their insured funds. Customers with brokered deposits should contact their brokers directly for information concerning their money, the release stated.”
We dont have any brokered accounts which should make it easier.