W James Metz

Silverado Ex-Shareholder Sentenced to Prison: W. James Metz, former majority shareholder of the failed Silverado Banking, Savings & Loan Assn., was sentenced to two years in prison for misapplying thrift funds. However, citing the defendant's cooperation with an ongoing investigation of the thrift's collapse, U.S. District Judge Jim Carrigan suspended all but six months of the prison term and ordered Metz to spend 18 months on probation and perform 500 hours of community service.

Silverado Ex-Shareholder Sentenced to Prison: W. James Metz, former majority shareholder of the failed Silverado Banking, Savings & Loan Assn., was sentenced to two years in prison for misapplying thrift funds. However, citing the defendant's cooperation with an ongoing investigation of the thrift's collapse, U.S. District Judge Jim Carrigan suspended all but six months of the prison term and ordered Metz to spend 18 months on probation and perform 500 hours of community service.

Federal regulators said today they have postponed a decision on whether to take any action against Neil Bush, the President's son, for his role as a director of the failed Silverado Banking, Savings and Loan Assn. in Denver. Meanwhile, the Office of Thrift Supervision said in a statement that W. James Metz, majority stockholder of Silverado, became the fourth officer of the thrift to accept a lifetime ban from working for a federally insured financial institution.

Federal regulators filed a civil suit today against President Bush's son, Neil, and other officers of the bankrupt Silverado Banking, Savings & Loan Assn. The suit, filed by the Federal Deposit Insurance Corp., seeks damages of $200 million. The suit accuses the directors of "gross negligence," according to a statement by the agency.

Federal regulators filed a $200-million suit against President Bush's son Neil and other officers of the failed Silverado Banking, Savings & Loan Assn. on Friday, accusing them of "gross negligence" contributing to the institution's collapse. The civil suit, filed by the Federal Deposit Insurance Corp. in U.S. District Court in Denver, said the defendants "repeatedly breached their duties" to the Denver-based institution and its depositors.

Federal savings and loan regulators on Friday pledged $1.05 billion to shut down an insolvent Denver institution in one of the nation's biggest S&L failures. The Federal Home Loan Bank Board, which regulates federally insured S&Ls, created a new institution to receive $1.7 billion in deposits of the Silverado Banking, Savings & Loan Assn., which was ordered closed by Colorado regulators.

Federal banking regulators Friday accused President Bush's son Neil and other former officers of a failed Colorado savings and loan of gross negligence in a civil lawsuit seeking $200 million in damages from them. The suit, which was filed by the Federal Deposit Insurance Corp. in federal court in Denver, is likely to bring the $500-billion thrift crisis closer to the President and the Republican Party as congressional elections approach in November.