Getting your player ready...
Federal regulators said Friday that they have issued a cease-and-desist order against Advantage Bank of Loveland.
The sanction, among the most strict available, cites the bank with unsound practices such as lax risk control and poor capital. It also banned the bank from accepting additional brokered deposits — high-yield CDs that are less stable than other deposits — without government approval.
The Federal Deposit Insurance Corp. also has required the company’s directors to review the qualifications of managers “to restore and thereafter maintain the bank in a safe and sound condition,” according to the order.
Advantage Bank has posted assets of more than $300 million in recent years. The Denver Post
