Peoples Community Bancorp Inc. in West Chester, Ohio, said Thursday that it has agreed with the Office of Thrift Supervision on formalizing a plan to clean up its loan portfolio.
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The $1 billion-asset company reported a net loss of $4.1 million last year as the result of a 385% increase in its loan-loss provision.
Peoples said it submitted a business plan to the OTS for reducing classified assets several months ago and that the agency had approved it. The company has also established an oversight committee to monitor compliance with the agreement and the business plan, it said.
