Waller posts blog on Post Web site

RBC — Soon after the story appeared last week in The Denver Post, citing First National Bank of the Rockies as one of seven Colorado banks ordered “to clean up their practices,” FNBR President Peter Waller fired off a response, by posting a blog on The Post’s Web site.
Here’s what he wrote:
“First National Bank of the Rockies is not under a Cease and Desist Order as the article implies. FNBR entered into a voluntary agreement to liquidate the A T Fund of Funds (a 1940s Registered Investment Company Rated AA by Moodys, Standard and Poors, and Fitch, and not a ‘scheme’ as so irresponsibly reported by the Post). FNBR was examined twice over the period of three years while invested in the fund by its primary regulator where the asset received no criticism after being thoroughly reviewed. When the subprime problem hit the news, upon FNBR’s third examination following its investment in the fund, was when the asset became a subject of criticism. The majority of the assets held by the fund were AAA rated mortgages (not in California) and sovereign debt of the United States of America and other AAA governments. FNBR’s risk-based capital is 13.54 percent and tier-one capital is 9.59 percent. For perspective, Citi and Bank of America are about 2 and 3 percent, respectively. The real story was available, The Post just wasn’t interested in printing it.”