Baylake Corp. in Sturgeon Bay, Wis., said Thursday that it had entered into a written agreement with the Federal Reserve requiring it to build capital, improve earnings and reduce nonperforming assets.
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The action follows a September 2009 regulatory examination. The $1.1 billion-asset company said in a press release that Baylake Bank, which also entered into a written agreement with the Fed, has been "proactively and aggressively working to improve asset quality."
The company also said it completed a loan sale Wednesday on a portfolio with a principal balance of $7.9 million and a carrying value of $5.3 million. Baylake expects to record a $1.8 million loss from the sale.
