Investors worry about Front Range bank sale

DENVER — The sale of struggling Mile High Banks on the Front Rage could leave investors in the bank’s holding company high and dry.

Big Sandy Holding Co., the Longmont-based bank’s owner, filed for Chapter 11 bankruptcy last month after announcing it had signed a deal to sell to a Texas banking group for $5.5 million.

According to the Denver Post, holders of about $44 million in unsecured debts are worried that they’ll end up losing their investments.

The sale can be approved only after a public auction, scheduled to close Dec. 6.

Another buyer would have to beat the amount offered by El Paso-based Strategic Growth Bancorp. The buyers said they will provide as much as $90 million in additional capital. They have already loaned $1 million in working capital.



COMMENTS

Commenting is not available in this channel entry.




Search More Jobs






THE DAILY SENTINEL
734 S. Seventh St.
Grand Junction, CO 81501
970-242-5050
Editions
Subscribe to print edition
E-edition
Advertisers
Sign in to your account
Information

© 2014 Grand Junction Media, Inc.
By using this site you agree to the Visitor Agreement and the Privacy Policy