Community First Bank of Prineville, Ore., and its parent, Prineville Bancorp, have agreed to strengthen the subsidiary's board oversight and revise its loan review procedures.
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The Dec. 20 agreement was made public Jan. 5. It also requires Community First to come up with a better method for determining the adequacy of its loan-loss reserves.
The $113 million-asset bank had to submit its plan to the Federal Reserve Bank of San Francisco and the Oregon Division of Financial and Corporate Securities within 60 days of the agreement. It also agreed to submit an audit program within 45 days of the agreement.
