NEWNAN, Ga. -- Newnan Savings Bank said the Office of Thrift Supervision has terminated the supervisory agreement under which the thrift has been operating.
Newnan said that on the basis of current capital requirements it is considered a "well-capitalized institution" and a profitable operation.
The supervisory agreement had put Newnan under restrictions primarily related to internal policies and procedures, dividend payments, investment in subsidiaries, loan-loss reserves, and growth. The bank is no longer subject to these restrictions.
Newnan said it already meets the fully phased-in capital requirements applicable in mid-1996.