Mug Shot Monday – Wild West Style
April 1, 2013
When the regulators told the president of a Greeley, Colorado community bank he needed to raise capital in 2008 he did exactly what they said, raising $7.8 million to bolster the bank’s reserves.
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.