Unfortunately, a deal for an investment group in Boulder to buy majority ownership of local New Frontier bank has been obliterated. Why do I say unfortunately? Although I do not bank with New Frontier I am a supporter of local businesses and it saddens me to see this happening to one of our own. I do bank locally myself.
Although details were not given as to the reasons why the process was so "complex" and led to the demise of this deal, my impression is that it came down to jumping through too many hoops. I want to believe the regulators were doing their job to ensure a clean transaction but my experience in closing short sales with banks has been ugly. If dealing with the banks gets so hairy, then I can only imagine what it is like for the banks to deal with the authorities overseeing this deal. Double hairy!
Perhaps the reason this deal was so "complex" is because, well, right now the entire financial industry has their hands full. You better believe that asset managers, bank executives, and government entities regulating this industry are working overtime and may be a little inundated.
I'll have to say though, it seems that New Frontier is working it's way through the current economy quite well. When the FDIC starts tightening the noose I'm sure it puts a little pep in your step. There must be some kind of silver lining in New Frontier for an investor to want to pick them up. Water Valley which is a beautiful resort style community in Windsor currently has 19 properties in some stage of foreclosure. Only 1 of those belongs to New Frontier. Quite an improvement from a year ago when I remember New Frontier foreclosing on several just on one street in Water Valley.
Looking for a good deal in Water Valley?! Call me my friends and lets get you closed up on a real nice spread in Northern Colorado's highly touted resort style community. http://www.watervalley.com/
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