ROCKY MOUNT, N.C. - Pioneer Savings Bank, a unit of Ploneer Bancorp, said it received a directive from the Office of Thrift Supervision conditionally approving its capital plan.
In a press release, Pioneer said the prompt-corrective-action directive supersedes the previously executed supervisory consent agreements with the OTS and requires that the bank achieve capital compliance by being acquired on or before Sept. 10.
The company said that as provided by the bank's capital plan, it is pressing forward with its previously announced merger with Raleigh-based First Citizens Bancshares Inc.
Pioneer said stockholders are scheduled to vote on the merger Sept. 9.
