Colo. bank's failure leaves farmers without credit

Many Colorado farmers are scrambling for loans after the largest bank in the northern part of the state was recently taken over by federal officials. New Frontier Bank's failure comes just as many farmers need loans for seeds, fertilizer and other upfront costs. “This is the time of year when farmers need to rely on a line of credit,” said Tony Miller, president of First FarmBank. And as banks fail across the nation, it's a story that's bound to be repeated in a number of agricultural communities.

"Miller said First FarmBank has had 20 to 25 applications from former New Frontier borrowers, seeking loans of about $16 million," writes Bill Jackson of the Greeley Tribune. Miller said that is too much for his bank, and many others in the area. (Read more)