Roma Financial Enters Written Agreement with OCC

Roma Financial Corp. (ROMA) said that one of its banks has entered into a written agreement with the Office of the Comptroller of the Currency.

Roma Bank in Robbinsville, N.J., was placed under the enforcement action on Sept. 21, according to a regulatory filing. The agreement requires the bank's board to form a compliance committee and submit written plans tied to risk management, operations oversight, technology activities and complying with the Bank Secrecy Act.

In the agreement, the OCC said it found "unsafe and unsound banking practices relating to asset quality, credit administration and consumer compliance at the bank." Roughly 2.6% of the $1.7 billion-asset bank's assets were classified as nonperforming at June 30. The bank remains well-capitalized with a total risk-based capital ratio of 19.4% at June 30.

Analysts at Sandler O'Neill & Partners wrote in a Friday note to clients that they were "surprised" by the agreement; they expected the mutual to soon announce a second-step conversion soon. The analysts wrote that a conversion may not take place until 2014 or later.

Roma Financial also owns the $144.6 million-asset RomAsia Bank in Monmouth Junction, N.J. In July, the company's president and chief executive, Peter Inverso, said he would not renew his contract beyond 2013. A successor has not been announced.