The Office of the Comptroller of the Currency has replaced an order between North American Savings Bank and the Office of Thrift Supervision with one of its own.
The $1.2 billion-asset NASB Financial (NASB), the thrift's holding company, announced the new order on Friday. The OTS was absorbed into the OCC last July.
The Grandview, Mo., company, entered into the supervisory agreement with the OTS in April 2010. That order did not give the thrift heightened capital requirements, but the OCC's new agreement requires the thrift to maintain a leverage ratio of 10% and a total risk-based capital ratio of 13%. At the end of the first quarter, those ratios at the thrift were 13.5% and 16.5% respectively.
The new order also calls for the thrift to establish a compliance committee by May 31 that is comprised of at least three directors with the majority made up by outsiders.
The new order also gives the thrift until Aug. 31 to submit a strategic plan that covers things like its risk profile, earnings, growth, balance sheet mix and the reduction of nonperforming assets for the next three years.
The company earned $375,000 in the first quarter, compared to a loss of $24.5 million a year earlier. Although the company is profitable, it is wading through a particularly high level of nonperforming assets; at March 31, 10.23% of its assets were nonperforming.
Be the first to comment on this post using the section below.