Legal proceedings dropped as Advantage Bank bidder walks away

GREELEY – Oil and gas executive Arlo Richardson said Thursday he no longer is pursuing the purchase of financially troubled Advantage Bank.

Greeley-based Richmark Holdings Inc., which represents Richardson, president of Mineral Resources Inc., dropped a lawsuit against Advantage Bank creditor Jeff Demaske of Windsor, who wanted to block Richardson’s high-bid in an auction for the bank, and have his lower bid declared the winner. A preliminary injunction hearing scheduled for Thursday in Weld County District Court was dismissed.

“The lawsuit would have just destroyed the value of the bank,” Richardson said Thursday.

Advantage Bank’s future is unclear. The Colorado Division of Banking,…