Landmark Agrees To OTS Directive
PITTSBURGH - Landmark Savings Association said its board has issued a stipulation and consent to a capital directive by the Office of Thrift Supervision.
The document gives Landmark a one-month extension, to Jan. 31, 1992, of the deadline to meet minimum capital requirements. The directive also imposes operating restrictions on the $1.4 billion-asset thrift, including a prohibition on asset growth and capital distributions, and limits on increases in executives' pay.
Failure to comply could lead to enforcement actions that would threaten Landmark's ability to stay in business, the Pittsburgh-based institution stated.
Landmark said that it did not consider the terms of the directive appropriate, but that the OTS was "adamant" about them.