ENCINITAS, Calif. - SDN Bancorp said its subsidiary, San Dieguito National Bank, entered into an agreement with the Office of the Comptroller of the Currency to increase capital.
In the wake of an examination earlier this year, the bank committed to adding at least $500,000 of Tier 1 capital and maintaining such capital of 6.7% or more of risk-weighted assets by Dec. 31, from 5.9% now.
The pact also called for a 5.1% leverage ratio, up from 4.6%.
By March 31 the bank must have a Tier 1 risk-weighted ratio of at least 9.5% and a leverage ratio of at least 6%.
