Integra Bank Corp. of Evansville, Ind., reached an agreement with the Federal Reserve requiring it to secure approval before taking on debt or paying dividends.
The $2.9 billion-asset company, which is trying to flush out nonperforming assets, said in posting its first-quarter results that its loan-loss provision was much higher than expected — on March 31 it had nonperforming assets of $258.5 million, or 13.31% of total assets.
The Integra Bank unit has been operating under a consent order from the Office of the Comptroller of the Currency for the past year.
Under the Fed agreement the company cannot pay dividends, redeem shares of stock or incur debt without prior approval.
