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The Failure of BestBank, Boulder, Colorado

(Audit Report No. 99-005, January 22, 1999)

TABLE OF CONTENTS

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OVERVIEW 1
BACKGROUND 4
OBJECTIVES, SCOPE, AND METHODOLOGY 7
RESULTS OF AUDIT 9
CAUSES OF BESTBANK'S FAILURE AND THE RESULTING MATERIAL LOSS TO THE BANK INSURANCE FUND 10
ASSESSMENT OF DOS'S SUPERVISION OF BESTBANK 19
RECOMMENDATIONS 27
CORPORATION COMMENTS AND OIG EVALUATION 32
GLOSSARY 43
APPENDIX A: Excerpt From OIG's Report, Review of the Allegations Regarding the Federal Deposit Insurance Corporation's Supervision of BestBank in Boulder, Colorado, dated July 10, 1996 47
APPENDIX B: Unsecured Credit Card Flowchart 53
APPENDIX C: Guidelines Regarding Contact with the FDIC and FDIC Examiners and Examinations 54
APPENDIX D: Division of Supervision Response 55
APPENDIX E: Division of Compliance and Consumer Affairs Response 70
APPENDIX F: Management Decision Table 72
Last Updated 04/24/01 oig@fdic.gov
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