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FRONTIER STATE BANK OKLAHOMA CITY v. F.D.I.C.

No. 11-9529.

702 F.3d 588 (2012)

FRONTIER STATE BANK OKLAHOMA CITY, OKLAHOMA, Petitioner, v. FEDERAL DEPOSIT INSURANCE CORPORATION, Respondent.

United States Court of Appeals, Tenth Circuit.

December 26, 2012.

Attorney(s) appearing for the Case

Warren Wayne Harris , Bracewell & Giuliani LLP, Houston, TX, ( Sanford M. Brown , William C. McMurrey , Patrick R. Hanchey , Bracewell & Giuliani LLP, Dallas, TX; J. Brett Busby , Bracewell & Giuliani LLP, Houston, TX, on the brief) for Petitioner.

Joseph Brooks ( Colleen J. Boles , Assistant General Counsel, Lawrence H. Richmond , Senior Counsel, with him on the brief) of Federal Deposit Insurance Corporation, Arlington, VA, for Respondent.

Before HARTZ, O'BRIEN, and MATHESON, Circuit Judges.

O'BRIEN, Circuit Judge.

In 2002, Frontier State Bank began using a "leverage strategy" under which it funded long-term investments with short-term borrowing to generate profits from the difference ("spread") between long-term and short-term interest rates. This strategy, while lucrative for the bank — at least in the short run — caused significant concern for bank examiners at the Federal Deposit Insurance Corporation (FDIC) who raised the issue with...

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