April 13, 2009

Federally Forced Bank Closure of New Frontier Impacts Ski Country's Grand County

FDIC Regulators gives New Frontier Cease and Desist Order causing several issues in Winter Park's Grand County

Frontier Bank closed this past Friday under order from the FDIC and opened again this morning as New Frontier Federal.

The Cease and Desist Order given in December by the feds has an immediate impact on Winter Park's Grand County and signals yet more concern for ski country real estate.

In addition to Frontier Bank having most of the loan foreclosures in Grand County currently, they also have committed $120,000 for infrastructure improvements to The Hills project at Winter Park Ranch and they are the lender for several new construction projects by Upstreet Development, LLC in Grand County.

The FDIC reopened the bank this morning for thirty days so folks with savings and checking accounts could withdraw their monies. This is the second bank in Colorado to be taken over after the new bank stress tests were started by the government.

As for the stressful situation that is being caused in Grand County, no resolution has been assessed for now.


	Greely Frontier Bank get Cease and Desist Order from FDIC
	The story that broke first about Frontier Bank
	http://www.greeleytribune.com/article/20090131/NEWS/901319969&

	Frotier Bank Closes and ReOpens for a Brief Period
	Frontier Bank Closes Friday and ReOpens under FDIC Guidance
	http://www.gjsentinel.com/news/content/news/index.html

Topic Tags: bank closing impact on ski country, FDIC bank closure, FDIC Cease and Desist, Frontier Bank, Grand County, Grand County Foreclosures, Winter Park

by Ski Resort Markets

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