North Valley Bank in Zanesville, Ohio, entered a written agreement with state and federal regulators requiring it to strengthen oversight, improve underwriting, and upgrade customer due diligence.
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The $135 million-asset unit of North Valley Bancshares Inc. has reported problems in its loan portfolio of late. Its ratio of noncurrent loans to total loans rose 79 basis points last year, to 1.32% at yearend, according to Federal Deposit Insurance Corp. data.
Jim Ransbottom, North Valley's Bank chairman, said Friday in a press release, "We will continue to work with the regulators and are confident we can achieve our desired results in a timely manner.
