CSB Bancorp, the parent company of the Commercial and Savings Bank of Millersburg, Ohio, has entered an agreement with the Federal Reserve Bank of Cleveland and the Ohio Division of Financial Institutions to restructure its lending practices and management.
The regulators had ordered $330 million-asset CSB to strengthen its management and hire a consultant to review the qualifications of its board of directors. A consent agreement was signed Nov. 16 by then-president and chief executive officer Douglas Akins. Mr. Akins resigned the next day to pursue other business opportunities, a company press release said.
According to the agreement, CSB cannot declare any dividends or incur any debt without the approval of the Reserve Bank and the Ohio authorities. And it cannot accrue interest on any asset that is 90 days past due, unless the asset is well secured or in the process of collection.
