Late today, Colorado Federal's president and CEO, Randy Ilich, reported that a new owner bought the bank two weeks ago, adding more than $10 million in capital.
"The previous owners were in serious trouble, but we are now in a very good place," Ilich
told ABC News
said Colorado Federal
had suffered from "fraudulent transactions" and speculative home buyers who could not make their payments.
"We now have more than enough reserves in place to go forward," said Ilich