Colorado's banking regulators have closed down the state's last remaining 'offshore bank', claiming the institution is "hopelessly insolvent" and its managers untrustworthy. American Intercapital Holding, LLC, doing business as American Intercapital Depository & Trust and formerly known as American International Depository & Trust, was placed in "immediate involuntary liquidation" by an order of the Colorado Division of Banking's State Banking Board on November 19, 2007 immediately following an emergency meeting. State Banking Commissioner Richard Fulkerson has been appointed liquidator and Philip Feigin, a former Colorado State Securities Commissioner now working for the law firm of Rothgerber Johnson & Lyons LLP, as Deputy Receiver.
Colorado's banking regulator has taken legal action in an attempt to close down American International Depository & Trust, which bills itself as the “first Old-World International Private Bank in the United States”. AIDT is defending the action at Colorado's Office of Administrative Courts and has obtained an order sealing the case in an attempt to limit the damage to its business.