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FDIC Bars from Banking Two Involved in Bestbank Failure
The Federal Deposit Insurance Corporation (FDIC) issued removal and prohibition orders against Glenn M. Gallant and Douglas R. Baetz.
Gallant and Baetz owned Century Financial Group, which operated the subprime credit card operations of the failed BestBank of Boulder, Boulder, CO.
They consented to the orders without admitting or denying culpability. The FDIC's action is based on allegations that Gallant and Baetz engaged in reckless mismanagement of the credit card program that rendered the bank insolvent.
Under the orders, they are prohibited from further participation in the banking industry without FDIC approval. BestBank was closed by Colorado regulators on July 23, 1998.
The orders are attached.
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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 9,182 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars - insured financial institutions fund its operations.
FDIC press releases and other information are available on the Internet via the World Wide Web at www.fdic.gov and may also be obtained through the FDIC's Public Information Center (877-275-3342 or (703) 562-2200).
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