New Frontier Bank Closing

By: CNN Email
By: CNN Email

Another Colorado bank closes its doors for the last time.

It happened to New Frontier Bank in Greeley.

The FDIC moved in because of the bank's bad business practices.

It’s the second bank failure in Colorado this year.

Typically, the place we do bank business is inside the chosen institution.

But when the FDIC shut down New Frontier Bank Friday night, Saturday employees set up a triage of sorts for bank customers -- outside.

"I don't even know what I'm going to do," said one customer.

Take the next 30 days to move your money, says the FDIC.

"If you had checking account or savings account, or even a safety deposit box, that between now and May 8th you really should find another bank to do business,” said FDIC spokesman David Barr. “Open up accounts there once you're settled with that institution and the checks arrive, you can have them transfer your money from New Frontier to your new bank. So there is no need or reason to come down here physically close out your account. You should be able to do that electronically once you open up a relationship with a new bank."

According to the Colorado Bankers Association, banks are still the safest place to keep your money.

"Customers can feel very comfortable that almost all the banks are in very solid shape,” said Don Childears of the Colorado Banker's Association. “Secondly if there happens to be an occasional failure the system is designed to handle that. Depositors are insured up to a quarter of a million per account category which could mean more than that coverage for an individual in an institution."

Not much solace for Woody Wilson and his wife, who invested 20-thousand dollars in new frontier

"Most people are guaranteed their money,” said Wilson. “But we're guaranteed nothing."

A total of 23 banks have closed nationwide so far this year, just two short of last year's total number.

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