HomeMy WebLinkAbout20111673.tiff RESOLUTION
RE: APPROVE OF ADDITIONAL HOURS OF OPERATION FOR CLERK AND RECORDER TO
ACCEPT FILING DOCUMENTS RELATING TO FDIC APPOINTMENT AS RECEIVER FOR
THE PURPOSE OF LIQUIDATING SIGNATURE BANK, WINDSOR, COLORADO, ON
JULY 8, 2011
WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to
Colorado statute and the Weld County Home Rule Charter, is vested with the authority of
administering the affairs of Weld County, Colorado, and
WHEREAS,the Federal Deposit Insurance Corporation(FDIC)was appointed Receiver for
the purpose of liquidating Signature Bank, Windsor, Colorado, as evidenced in the document
consisting of fourteen (14) pages and starting with an instrument entitled, CERTIFICATE
EVIDENCING APPOINTMENT OF THE FDIC AS RECEIVER FOR THE PURPOSE OF
LIQUIDATION, dated July 8, 2011, which was filed in the Office of the Weld County Clerk and
Recorder at 5:32 p.m., on July 8, 2011, at Reception Number 3778861, a copy of which is attached
hereto, and
WHEREAS, because of the circumstances detailed in Attachment A, Steve Moreno, Weld
County Clerk and Recorder, authorized the office to remain open after 5:00 p.m., on Friday, July 8,
2011, in order to accept the filing of the attached recorded document, and
WHEREAS, Section 30-10-109, C.R.S., provides that"all county offices shall be kept open
for the transaction of county business on the days and during the hours designated by resolution of
the board of county commissioners," and
WHEREAS,given the circumstances of the appointment of the FDIC as Receiver,the Board
deems it advisable to approve the additional hours of operation after 5:00 p.m.,for the Weld County
Clerk and Recorder on Friday, July 8, 2011, for the purpose of accepting for filing the attached
recorded document.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado,that the Board hereby approves the additional hours of operation after 5:00 p.m.,
for the Weld County Clerk and Recorder on Friday, June 8, 2011, for the purpose of accepting for
filing the attached document recorded at Reception Number 3778861.
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i i 2011-1673
"1)1
CR0026
APPROVE OF ADDITIONAL HOURS OF OPERATION FOR CLERK AND RECORDER TO
ACCEPT FILING DOCUMENTS RELATING TO FDIC APPOINTMENT AS RECEIVER FOR THE
PURPOSE OF LIQUIDATING SIGNATURE BANK, WINDSOR, COLORADO, ON JULY 8, 2011
PAGE 2
The above and foregoing Resolution was, on motion duly made and seconded, adopted by
the following vote on the 13th day of July, A.D., 2011.
BOARD OF COUNTY COMMISSIONERS
WELD UNTY, CO RADO
ATTEST: •
Ba ara Kirkmeye , Chair
Weld County Clerk to the -r
sill C.-
f " '%At �:ean •. C ay, P o-Tem
BY: ►: � ��ss�l� '
Deputy Clerk to the Boa
W' ' m . Garcia
AP DAS -O : 0,S1CcL�
,' David . Lon
►. my Attorney
Dougla ademache
Date of signature: -7pg- 11
2011-1673
CR0026
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3778861 , C0reno Clerk 6 Recorder
BEFORE THE OFFICE OF THE CLERK AND RECORDER
WELD COUNTY, COLORADO
CERTIFICATE EVIDENCING APPOINTMENT OF THE FDIC AS RECEIVER
FOR THE PURPOSE OF LIQUIDATION
IN THE MATTER OF SIGNATURE BANK, WELD COUNTY, COLORADO
This Certificate is filed pursuant to Section 11-103-805(3) of the Colorado Revised
Statutes to evidence that the Federal Deposit Insurance Corporation was appointed Receiver
for the purpose of liquidating Signature Bank, Windsor, Colorado, effective on July 8, 2011,
at 5:30 p.m.
The appointment was tendered in accordance with Section 11-103-805(2) of the
Colorado Revised Statutes, and upon order of the Colorado State Banking Board, a copy of
which Order is attached hereto as Exhibit A.
The appointment was accepted by the Federal Deposit Insurance Corporation in
accordance with 12 U.S.C.S. § 1821(c), as evidenced by the consent signed on behalf of the
corporation, a copy of which is attached hereto as Exhibit B.
Dated this 8th day of July, 2011, at Denver, Colorado.
FOR: COLORADO STATE BANKING BOARD
.v+.*.�;*4.gre, x. Fred J. Joseph
"� Acting Colorado State Bank Commissioner
i t ^"�' • k -cc
Department of Regulatory Agencies
LT Division of Banking
1560 Broadway, Suite 975
Denver, CO 80202
2011-1673
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3778861 07/08/2011 05:32P Weld County, CO
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BEFORE THE STATE BANKING BOARD
STATE OF COLORADO
APPOINTMENT OF FEDERAL DEPOSIT INSURANCE CORPORATION AS
RECEIVER FOR THE PURPOSE OF LIQUIDATION
IN THE MATTER OF SIGNATURE BANK, WELD COUNTY, COLORADO
Pursuant to Section 11-103-805 of the Colorado Revised Statutes, the Colorado State
Bank Commissioner, upon order of the Colorado State Banking Board, tenders to the Federal
Deposit Insurance Corporation the appointment as receiver for the purpose of liquidating
Signature Bank, Weld County, Colorado.
BY ORDER OF THE COLORADO STATE BANKING BOARD this 8th day of
July, 2011 at 5:30 p.m.
Fred J. Joseph
Acting Colorado State Bank Commissioner
w�F�e6iOE N h� Department of Regulatory Agencies
r r� ,• •, Qy\ Division of Banking
•�Q ,'¢ 1560 Broadway, Suite 975
r ; i> 3 Denver, CO 80202
,v: CrAll
%'Ant'
Di) e;.6 Q tY(•f,F`'�Y +
'= EXHIBIT
A
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prate FDIC 3778861 07/08/2011 05:32P Weld County, CO
t> os� 3 of 14 R 76.00 0 0.00 Steve Moreno Clerk& Recorder
y
I'
Division of Resolutions and Receiverships
�4.`ASS';J� West Coast Temporary Satellite Office
t,C0^.. 40 Pacifica
Irvine.California 92618 Division of Resolutions and Receiverships
July 8, 2011
Fred Joseph
Acting Commissioner, Division of Banking
Colorado Department of Regulatory Agencies
Division of Banking
1560 Broadway, Suite 975
Denver, Colorado 80202
Subject: Signature Bank
Windsor, Colorado
Acceptance of Appointment as Receiver
Dear Commissioner Joseph:
Please be advised that the Federal Deposit Insurance Corporation accepts its appointment as Receiver of
the above-subject depository institution,in accordance with the Federal Deposit Insurance Act,as
amended.
Sincerely,
FEDERAL DEPOSIT INSURANCE CORPORATION
By: 1?-4--7 .-
B Bruce A. SpeCktor
Receiver-in-Charge
EXHIBIT
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3778861 07/0812011 05:32P Weld County, CO Page 1 of 1
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LexisNexis File & Serve Transaction Receipt
This transaction was completed on Jul 8 2011 12:09PM MDT and was authorized for filing at the authorized date/time
shown.This transaction will not be officially submitted to the court until the authorized date/time. You can update the
authorized date/time by going to Scheduled Transactions (under the Filing fix Service tab).
Transaction ID: 38586694
Submitted by: Janet Price,CO Attorney General
Authorized by: Cathern H Smith,CO Attorney General
Authorize and file on:7/8/2011 5:30:00 PM MT
Court CO Weld County District Court 19th JD
Case Class: Civil
Case Type: Other
Case Name: In the Matter of the Involuntary Receivership/Liquidation of Signature Bank, Weld County,
Colorado
Transaction Option: Originating Event
Billing Reference: RG BA DMBHP
Note to Clerk: Filing fee exempt pursuant to statute. Please contact AAG Cathern Smith at 303-866-4108 if
there are any questions or problems.Thank you!
Documents List
1 Document(s)
Originating Document, 10 Pages Document ID: 40695962 PDF Format I Original Format
Document Type: Access: Statutory Fee: Linked:
Petition Public $224.00
Document title:
FILING OF NOTICE PURSUANT TO 11-103-802, C.R.S. with EXHIBIT A: Notice of Assumption of Possession of Signature
Bank by State Bank Commissioner; EXHIBIT B: Findings Regarding the Existence of an Emergency at Signature Bank,
Weld County,Colorado; and EXHIBIT C: Findings and Order Approving Assumption of Possession of Signature Bank by
State Bank Commissioner
Close All
El Sending Parties(1)
Party Attorney Firm
Fred J. Joseph, Acting Banking Commissioner(pending)Smith, Cathem H CO Attorney General
R Case Parties
Party Attorney Firm
Colorado Division of Banking(pending) Pro Se Pro Se-
Erpd I. Insenh.Arti 9 Bankina ComM Ssioner(pending)Smith,Cathem H CO Attorney General
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IUD 11111111111 "Mil 111111111111 III 11111 /III /III
3778861 07/08/2011 05:32P Weld County, CO
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DISTRICT COURT, WELD COUNTY COLORADO
901 —91rt Avenue
Greeley, CO 80631
IN THE MATTER OF THE INVOLUNTARY
RECEIVERSHIP/LIQUIDATION OF SIGNATURE
BANK, WELD COUNTY, COLORADO
a COURT USE ONLY a
JOHN W. SUTHERS, Attorney General Case No.:
CATHERN H. SMITH, Asst. Attorney General* 39715
1525 Sherman Street, 7'h Floor
Denver, CO 80203
Main Number: (303) 866-4500 Div.: Ctrm.:
Facsimile: (303) 866-5395
Email: cathern.smith@state.co.us
*Counsel of Record
FILING OF NOTICE PURSUANT TO 11-103-802, C.R.S.
Pursuant to § 11-103-802, C.R.S., the Colorado State Bank Commissioner, on behalf of the
Colorado State Banking Board, by their attorney, the Colorado Attorney General, tiles this
"Notice of Assumption of Possession of Signature Bank by State Bank Commissioner " a copy of
which is attached hereto as Exhibit A. Also attached hereto as Exhibit B is a copy of"Findings
Regarding the Existence of an Emergency at Signature Bank, Weld County, Colorado"and as
Exhibit C is a copy of "Findings and Order Approving Assumption of Possession of Signature
Bank by State Bank Commissioner. "
Respectfully submitted on this 8th day of July,2011.
JOHN W. SUTHERS
Attorney General
CATHERN H. SMITH, 39715*
Assistant Attorney General
Financial/Professional Boards Unit
Business & Licensing Section
Attorneys for Colorado Banking Board
*Counsel of Record
•
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3778861 07/08/2011 06:32p Weld County, CO
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BEFORE THE STATE BANKING BOARD
STATE OF COLORADO
NOTICE OF ASSUMPTION OF POSSESSION OF SIGNATURE BANK BY STATE
BANK COMMISSIONER
EN THE MATTER OF SIGNATURE BANK, WELD COUNTY, COLORADO
Pursuant to Section 11-103-802 of the Colorado Revised Statutes, the Colorado State
Bank Commissioner, with the approval of the Colorado State Banking Board, by this notice
does hereby assume possession of Signature Bank. The State Bank Commissioner assumes
possession of Signature Bank effective the 8th day of July, 2011 at the hour of 5:30 p.m.
IN WITNESS THEREOF, I have set my hand and official seal this 8th day of July,
2011.
FOR: COLORADO STATE BANKING BOARD
The original sealed document is on file at the Office of
the Attorney General.
.„
a .•' ''''' Gqif Fred J. Joseph
5 »r,ra `'-Yp.' Acting Colorado State Bank Commissioner
AIf •
ex: r_ mA t _q • ; Department of Regulatory Agencies
R-'% Division of Banking
5-4..-.07*• - 1560 Broadway, Suite 975
Foy ''- V ' Denver, CO 80202
M1 � GA
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_' EXHIBIT
A
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3778881 07/06/2011 06;32p Weld County, CO
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BEFORE THE STATE BANKING BOARD
STATE OF COLORADO
FINDINGS REGARDING THE EXISTENCE OF AN EMERGENCY AT
SIGNATURE BANK, WELD COUNTY, COLORADO
N THE MATTER OF SIGNATURE BANK, WELD COUNTY, COLORADO
This matter came before the Colorado Banking Board (the "Board") at its
Emergency July 7, 2011 Board Meeting. Based upon the administrative record and pursuant
to §11-103-802(3)(b), C.R.S., the Board is of the opinion that an emergency exists that may
result in serious losses to the depositors. Pursuant to § 11-103-802(3), C.R.S., the Board is
appointing the Federal Deposit Insurance Corporation ("FDIC") as liquidator without prior
notice or hearing.
Jurisdiction
1. Pursuant to § 11-101-102, C.R.S., it is the policy of the state of Colorado to protect the
public interest and to supervise and regulate the business of all State banks in such
manner as to preserve and promote the security of deposits; the safe and sound conduct of
the business of State banks; and a statewide safe and sound banking system.
2. Signature Bank is a State bank chartered by the Colorado Banking Board pursuant to the
Colorado Banking Code, Title 11, Article 103, C.R.S.
3. Pursuant to § 11-101-201, C.R.S., the Colorado Division of Banking (the "Division") has
jurisdiction over Signature Bank.
4. Pursuant to § 11-101-301, C.R.S., the provisions of the Colorado Banking Code,
11-101-101, C.R.S. et seq., apply to State banks.
5. The FDIC insures the deposit accounts of Signature Bank through its Deposit Insurance
Fund.
6. Pursuant to §§ 11-107-102 and -105, C.R.S., a State bank that is insolvent may not
receive deposits or sell, assign, or transfer any of its assets.
7. Pursuant to § 11-103-802(3W, C.R.S., if in the opinion of the Board an emergency
exists that may result in serious losses to the depositors, it may take possession of a State
bank and may immediately appoint the FDIC as receiver for the purpose of liquidation
without prior notice of hearing.
'= EXHIBIT 1
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Findines of Fact
8. Signature Bank is a State bank headquartered in Windsor, Colorado with one hill-time
branch, holding $67 million in assets as of March 31, 2011.
9. The business plan of Signature Bank called for a concentration in commercial real estate
loans ("CRE"), particularly land acquisition, development, and construction loans, which
were financed by non-core funding sources. The CRE concentration elevated the risk
profile of Signature Bank and exposed it to the full impact of the downturn in the real
estate market.
10. On October 22, 2009, following the conclusion of the June 22, 2009 joint examination
conducted by the Division of Banking and the FDIC, Signature Bank entered into a
comprehensive, Consent Cease and Desist Order with the FDIC, requiring among other
things:
a. submission of a capital plan to achieve and maintain: (i) Tier 1 Leverage Capital
ratio equal to or greater than 9 percent of average total assets, and(ii) Total Risk-
Based Capital ratio equal to or greater than 13 percent of the Bank's total risk-
weighted assets;
b. future determinations of the adequacy of the Bank's Allowance for Loan and
Lease Losses ("ALLL") be made in accordance with Financial Accounting
Standards Board Statements numbers 5 and 114 ("FASB 5" and "FASB 1114")
and that ALLL provisions be based upon the inherent risk in the Bank's loan
portfolio;
c. implementation of a written plan to reduce and collect delinquent loans; and
d. reduction of the total amount of assets classified substandard or doubtful by
developing a written plan for each substandard or doubtful asset of$250,000.00 or
more.
11. On March 15, 2010, the FDIC began an examination at which the FDIC concluded that
the overall financial condition of Signature Bank had weakened to the point that the
viability of the bank, absent an immediate capital injection, was highly questionable. The
findings of that examination include:
a. operating losses were rapidly eroding capital and threatened the bank's viability;
b. Signature Bank's capital ratios had declined to Undercapitalized as defined by 12
C.F.R.$ 325.103, Capital Measures and Capital Category Definitions
implementing section 38 of the Federal Deposit Insurance Act (hereinafter
"Prompt Corrective Action");
c. Adversely classified assets had risen to $17.3 million;
d. the ALLL methodology did not comply with either FASB 5 or FASB 114; and
e. the ALLL was inadequate and an additional provision of at least $2.1 million was
required.
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12.As of December 31, 2010, Signature Bank remained Undercapitalized as defined by 12
C.F.R.§ 325.103, with the following capital ratios:
a. Total Risk-Based Capital Ratio: 6.87%
b. Tier 1 Risk-Based Capital Ratio: 5.59%
c. Tier 1 Leverage Ratio: 4.52%
13. On March 11, 2011, the FDIC informed the Board of Directors of Signature Bank that as
a result of a visitation begun in the fourth quarter of 2010 the FDIC had concluded that:
(a) given the negative earnings, excessive volume of classified assets, continued
deterioration in the CRE and construction and development loans the capital
position of the bank remained critically deficient;
(b) a capital injection of at least $3.6 million was necessary to restore capital to the
minimum levels required by the Cease and Desist Order; and
(c) adequate ALLL had not been maintained and an additional provision of at least
$800,000.00 was required.
14. On March 31, 2011, the FDIC issued a Supervisory Prompt Corrective Action Directive
("PCA Directive") to Signature Bank directing it to increase the volume of capital to a
level sufficient to meet the definition of Adequately Capitalized pursuant to Prompt
Corrective Action within 30 days, submit an acceptable capital restoration plan. and take
other corrective actions.
15. On or about April 14, 2011, Signature Bank submitted a capital restoration plan which
stated that the Board of Directors had accepted an offer from an acquirer and that $3.6
million would be injected or"of record" by May 15, 2011. This acquisition offer was
withdrawn on June 23, 2011.
16. On April 18, 2011, the staff of the Division of Banking and FDIC began an examination
at which time it was determined that the overall condition of the Bank had further
deteriorated. The examiners determined that Signature Bank was in an unsound
condition and that net losses had further eroded an already critically deficient capital
position.
17.On May 9, 2011, the FDIC notified the Board of Directors that based upon the financial
information that Signature Bank had reported in its March 31, 2011 call report Signature
Bank was Significantly Undercapitalized under Prompt Corrective Action and that a
written capital restoration plan was required no later than May 24, 2011.
18.On May 19, 2011, the Board of Directors of Signature Bank was informed by the FDIC
that Signature Bank had not complied with the major requirements of the March 31. 2011
PCA Directive and that the ongoing April 18, 2011 examination had identified significant
additional financial deterioration. As a result, the Directorate was urged to immediately
identify and seek all available methods to promptly inject capital.
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19. On May 24, 2011, the Commissioner and the FDIC met with the Board of Directors of
Signature Bank to discuss the results of the examination that had begun on April 18,
2011. During the examination, approximately 71% of the loan portfolio had been
reviewed. The findings of this examination include that:
(a) the ALLL was again deficient and an additional provision for loan losses of at
least $1,447,000.00 was required; and
(b) upon recognition of these losses, the Bank's liabilities will exceed its assets and
the Signature Bank will be insolvent. Signature Bank's tangible equity will fall to
at least a negative $308,000.00 and the Bank will be unable to pay all of its
depositors and other creditors.
20. On May 24, 2011, the Board of Directors of Signature Bank was notified by the FDIC,
that based upon the findings of the ongoing April 18, 2011 examination, the tangible
equity ratio of Signature Bank had fallen below 2.00% and the Bank was now Critically
Undercapitalized under Prompt Corrective Action. The Board of Directors was also
informed that Prompt Corrective Action requires the FDIC, no later than 90 days after the
bank becomes critically undercapitalized to appoint a receiver for the institution or take
other action that the agency determines would better carry out the purposes of Section 38
of the Federal Deposit Insurance Act.
21. On May 24, 2011, Signature Bank submitted a capital restoration plan to the FDIC. The
May 24, 2011 capital restoration plan also projected that the Bank would be recapitalized
primarily through an acquisition. As discussed in paragraph 15 above, this acquisition
offer was withdrawn on June 23, 2011.
22. On July 6, 2011, the Commissioner and the FDIC notified the Board of Directors of
Signature Bank that an immediate cash infusion in an amount sufficient to meet and
maintain the Bank's Tangible Equity Capital Ratio at 2% was necessary.
23. As of July 7, 2011, there has not been an immediate cash infusion.
24. As set forth in paragraphs 1-23 above, there is a compelling need to take emergency
action.
Conclusions of Law
25.The Banking Code prohibits a State bank that is insolvent from receiving deposits and
from selling, assigning, or transferring any of its assets. §§ 11-107-102 and -105, C.R.S.
26. In accordance with the foregoing statutes, upon insolvency the depositors of an insolvent
State bank are deprived of material and valuable rights associated with their deposits,
irrespective of whether or not those deposits are ultimately paid by the FDIC.
27. Once insolvent, a State bank can no longer continue to operate pursuant to state law.
Therefore, an insolvent State bank poses serious risk of loss to depositors and to the
stability of and public confidence in the banking system.
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28. Based on the findings of facts in this case and pursuant to § 1I-103-802(3)(b), C.R.S.,
it is the opinion of the Board that an emergency exists that may result in serious losses to
depositors and that it should take possession of Signature Bank and appoint the FDIC as
receiver for the purpose of liquidation without prior notice or opportunity for hearing.
Actions Ordered or Approved
29. Therefore pursuant to § 11-103-802(3), C.R.S., the Colorado State Banking Board,
without prior notice of hearing, directs and approves the assumption of possession of
Signature Bank by Acting Commissioner Fred Joseph on July 8, 2011 and the
appointment of the FDIC, no later than 9:00 p.m. this Friday, July 8, 2011, as receiver for
the purpose of liquidation.
30.The Board hereby authorizes the Commissioner to perform all functions necessary or
appropriate for the implementation of this Order.
DATED at Denver, Colorado this 7th Day of July of 2011.
FOR: COLORADO STATE BANKING BOARD
(1.57 ___s2 7,--- / /,/ -----C)
Stephen'A. Sherlock
Chairman
Colorado State Banking Board
Colorado Department of Regulatory Agencies
Division of Banking
1560 Broadway, Suite 975
Denver, CO 80202
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3778861 07/08/2011 06:32P Weld County, CO
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NOTICE OF RIGHT TO APPLY FOR RESCISSION
IN THE MATTER OF SIGNATURE BANK, WELD COUNTY, COLORADO
Pursuant to § 11-103-802(3)(b), C.R.S., within ten (10) days of the date of this Order,
Signature Bank or the directors of Signature Bank may file an application with the Colorado
Banking Board to rescind its determination. The filing of an application shall not act as a
stay of the Banking Board's action. If Signature Bank fails to timely file its application, all
actions by the Banking Board shall become final.
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Certificate of First Class Mail Service
This is to certify that I have duly served the Registered Agent and Directors of
Signature Bank by depositing copies of the Findings Regarding the Existence of an
Emergency at Signature Bank, Weld County, Colorado (including the attached Notice of
Right to Apply for Rescission) and the Notice of Assumption of Possession of Signature
Bank by State Bank Commissioner in the United States mail, first-class postage prepaid, at
Denver, Colorado, this 8th day of July, 2011 addressed as follows:
Ernest J. Panasci Michael C. Ketterling
Registered Agent 36710 Coalbank Road
5613 DTC Parkway, Suite 970 Eaton, CO 80615
Greenwood Village, CO 80111
Robert N. Hinderaker Brian K. Niess
5414 W. 27th Street 29517 WCR 15
Greeley, CO 80634 Windsor, CO 80550
Martin R. Lind
29486 WCR 13
Windsor, CO 80550
Signature
Print Your Name Here
Colorado Attorney General
1525 Sherman Street, 7th Floor
Denver, CO 80203
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3778861 07/08/2011 06.32P Weld County, CO
14 of 14 R 76.00 D 0.00 Steve Moreno Clerk&Recorder
BEFORE THE STATE BANKING BOARD
STATE OF COLORADO
FINDINGS AND ORDER APPROVING ASSUMPTION OF POSSESSION OF
SIGNATURE BANK BY STATE BANK COMMISSIONER
IN THE MA 1 1 ER OF SIGNATURE BANK, WELD COUNTY, COLORADO
Pursuant to Section 11-103-802(3) of the Colorado Revised Statutes, the Colorado
State Banking Board("Banking Board") issued its "Findings Regarding the Existence of an
Emergency at Signature Bank, Weld County, Colorado" on July 7, 2011, to be effective on
July 8, 2011, and is fully advised of the entire record on file with it and the Colorado
Division of Banking. It is the Banking Board's findings and judgment that an emergency
exists that may result in serious losses to the depositors of Signature Bank. The Banking
Board by its Order hereby issues its approval for the State Bank Commissioner to take
possession of Signature Bank without prior notice or prior hearing.
Dated this 7th day of July, 2011, at Denver, Colorado.
BY ORDER OF THE COLORADO ' ATE BANKING BOARD
Stephen A. Sherlock
Chairman
Colorado State Banking Board
Department of Regulatory Agencies
Division of Banking
1560 Broadway, Suite 975
Denver, CO 80202
° EXHIBIT
thereby certify that the within instrument is a true
duplicate of the tkiginal filed in my office.
?fitness my hand and official seal this Ca t.C.,,
Jay of •.,r-•l .+:,r'; _er ..,4r.L1 1
Ye d County Clerk and Recorder
Weld County, Corado
) Deputy
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