The regulatory pressure for United Western Bancorp Inc. in Denver to find fresh capital has intensified.
The $2.6 billion-asset company announced last week that the Office of Thrift Supervision has upped the ante by issuing both the company and its thrift unit cease-and-desist orders on June 25.
The new order said that by June 30, United Western must have a leverage ratio of 8% and a total risk-based capital ratio of 12%. Those were the targets and deadline already laid out in a memorandum of understanding with the OTS late last year, but a cease-and-desist order is more stringent. The company said in a filing that it did not meet the deadline and has requested an extension to Sept. 30.
The thrift order also called for the company to submit a contingency plan within seven days that detailed how it would sell itself or liquidate if required by the OTS. The order called for United Western to submit a capital plan within seven days.