Treasury Installs Director on Intervest's Board

The Treasury Department has appointed C. Wayne Crowell to the board of Intervest Bancshares (IBCA) in New York.

The $1.8 billion-asset company said it had taken steps to have Crowell approved to serve on the board for its Intervest National Bank. Crowell spent more than 35 years with the Office of the Comptroller of the Currency prior to retiring in 2009. He is a principal of CWC Consulting, which provides consulting services to financial institutions, Intervest said in a filing with the Securities and Exchange Commission.

Under the Troubled Asset Relief Program, the Treasury is allowed to appoint up to two directors to companies that have missed at least six consecutive quarterly dividend payments. The agency has taken similar steps at other banks, including naming two directors to the board of First Banks in Clayton, Mo., and one to the board of Royal Bancshares in Narbeth, Pa.)

Intervest received $25 million in Tarp funds in December 2008.

The company reported earlier this month that its third-quarter earnings fell roughly 15% from a year earlier, to $2.2 million, as it shrunk its balance sheet.