Santa Lucia Bancorp in Atascadero, Calif., which is operating under a written agreement with the Federal Reserve, has brought back a former president and chief executive to help it work through credit problems.
The $264.7 million-asset company said in a filing Wednesday with the Securities and Exchange Commission that it had named Stanley Cherry a senior vice president of credit administration. Santa Lucia said that Cherry, who had remained on the board, "will be working closely" with the company's chief credit officer "to manage the day-to-day credit functions."
The company and its Santa Lucia Bank unit are operating under written agreements with the Fed that reflect "certain criticisms" of the bank's loan portfolio. It must submit a plan to strengthen credit risk management, lending and credit administration and board oversight, among other matters.