GREELEY, Colo.—Federal regulators say northeast Colorado farmers and ranchers who borrowed millions of dollars from the now-closed New Frontier Bank don’t face a 30-day deadline to find alternate financing.
Some farmers and ranchers who relied on operating loans from New Frontier have said the Federal Deposit Insurance Corp. gave them 30 days to renegotiate after regulators shut the bank down last month.
Three Colorado members of Congress released a statement from the FDIC Friday saying there is no 30-day deadline. It doesn’t say how much time borrowers will have.
Sens. Mark Udall and Michael Bennet and Rep. Betsy Markey have scheduled a meeting in Greeley on Friday with FDIC officials, bank customers and others to discuss the muddle left by the failure.
