Delanco Federal Savings Bank in New Jersey must fix asset-quality, risk management and other problems under a written agreement with the Office of the Comptroller of the Currency.
The $133 million-asset thrift has to establish a three-year plan to address risk, earnings, growth and other matters; develop a plan for maintaining adequate capital ratios; and reduce problem assets.
The Dec. 17 agreement takes the place of a cease-and-desist order from the now-defunct Office of Thrift Supervision. Delanco, the operating unit of Delanco Bancorp, had been operating under that order since March 17, 2010.
