April 1, 2013
Unfortunately for Mr. McAllister, the feds allege, he told his employees to solicit bank customers to trade their CDs for preferred stock that paid 7.28%.
The 40 investors are primarily farmers and related.
Bank of Choice is the second Greeley bank to fail during the great recession. After the New Frontiers bank closing in 2009, the town is ground zero of what happens to Main Street after credit dries up.