A small California bank appears to be on the mend Wednesday after two regulatory agencies lifted a 2009 consent order.
The $172 million-asset Pacific Valley Bank in Salinas said the Federal Deposit Insurance Corp. and the California Department of Financial Institutions ended the order in mid-January.
Pacific Valley earned $322,300 in the fourth quarter, compared to a $2 million loss a year earlier. In 2010, it lost $1.33 million, narrowing losses by 77% from 2009.
The positive results were largely due to the lack of a fourth-quarter loan-loss provision. Nonperforming assets stayed high, at 6.1% of total assets, compared to 6.26% a year earlier.
