United Western Bank parent files Chapter 11

Filed under: AM Roundup |

The parent company for United Western Bank, which was seized by the federal government in January 2011, has filed for Chapter 11 bankruptcy protection, said the Denver Business Journal.

Denver-based United Western Bancorp announced Monday morning that it made the legal move in order to give it more time to pursue a lawsuit against federal regulators.

Its lawsuit claims the bank seizure was an abuse of power.

Read more at the Denver Business Journal.