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LAMAR, Colo.—The Federal Reserve is ordering a Lamar bank hurt by bad real estate loans to fix its balance sheet.
The Federal Reserve said Tuesday that ColoEast Bankshares, parent of the Colorado East Bank & Trust, has 60 days to submit a plan to increase capital.
The bank has 19 branches, mostly on the Eastern Plains. Most of the bad loans are in Pueblo and Colorado Springs.
According to the Denver Post ( ), the Lamar-based bank made a similar agreement with the Federal Deposit Insurance Corp. in December.
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Information from: The Denver Post,
