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GREELEY, Colo.—A 2007 Cadillac Escalade, lawn equipment and “fine quality leather furniture” that belonged to a failed Greeley bank are being sold in an online auction.
The Federal Deposit Insurance Corp. ordered the auction after closing New Frontier Bank on April 10.
The FDIC had issued a cease-and-desist order against the bank for “unsafe” and “unsound” practices. Defaults on the bank’s mostly agricultural loans left it with shrinking capital to cover potential losses.
The auction is being handled by Penny Worley Auctioneers. Bidding began April 24 and ends May 31.
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