Richmond Thrift In Pact with OTS
RICHMOND, Va. - Investors Savings Bank said it entered into a voluntary agreement with the Office of Thrift Supervision that limits the types of loans the institution may originate.
Sidney Bostian, chairman and chief executive officer of the $2 billion-asset Investors Savings, called the agreement "routine for institutions which are dealing with a high volume of non-performing assets, and does not involve any change in Investors' overall regulatory status."
Now Sidestepping Risk
The thrift is owned by Investors Financial Corp. and has 47 offices in Virginia. Mr. Bostian said it has already discontinued the high-risk business and real estate lending that the regulatory agreement proscribes.
"Management believes that continued positive developments, such as the profit recognized in the second quarter, will enhance the prospects of a successful recapitalization," Mr. Bostian added.