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Federal Regulators Demand Change At “Troubled” Atmore Bank
May 7, 2011
Federal regulators are ordering the First National Bank and Trust of Atmore to make changes to take action to bring bad loans in line, designating the bank as being in “troubled condition”.
“The Comptroller has found unsafe and unsound banking practices relating to credit risk management and underwriting at the bank,” according to an agreement between The Office of the Comptroller of the Currency (OCC) and the bank.
Under the agreement, the bank agreed to maintain an adequate loan reserve and form a compliance committee to ensure the bank follows their agreement with the OCC. The bank also agreed to reappraise the property and creditworthiness of large, troubled loans, particularly those that exceed $250,000 per borrower. The plan also calls for the bank to not pay shareholder dividends unless approved by the OCC.
The Office of the Comptroller of the Currency (OCC) is the federal agency in charge of regulating national banks.
The First National Bank and Trust of Atmore has reported a modest profit in 2008-2010 and has made a $47,000 profit in the first quarter of 2011.
Comments
6 Responses to “Federal Regulators Demand Change At “Troubled” Atmore Bank”
Where did anyone get the idea that the government “made the banks loan money”??
All the government did was guarantee the banks would not suffer huge losses on certain insured mortgages.
Banks lost their way–loaning out money willy-nilly as if they had a tree full of it growing out back. Used to be, if you didn’t qualify, you didn’t get a loan. Then it got so out of hand, my cat got credit card offers in the mail!
Government forces had no influence over credit unions. They’ve been making sound loans throughout the economic downfall. Most of them are still 5-star rated. Most of the experts recommend credit unions. I like my credit union.
Let’s see. The government forces banks to make unsound loans, then punishes them for doing it?
Whatadeal!
Maybe the five stars had expired and they never took them down. Were they giving loans to unqualified recipients?
Bring back the old time friendly atmosphere that was enjoyed for so long by so many. This is Atmore,not New York.
what happened to all those 5-star ratings??