OCC Lifts Consent Order for United Bank
by October 30, 2013 2:01 pm 119 views
United Bank of Springdale has emerged from federal scrutiny with a clean bill of health.
Bank president and CEO Nathan Gairhan said Wednesday the bank has been freed from the federal consent order it agreed to in April 2012. The Office of the Comptroller of the Currency (OCC) determined the bank to be in full compliance with the requirements of the order that included the reduction of problem assets and the implementation of policies and procedures to improve the bank’s portfolio management.
“I’m very proud of our employees and our board, who have worked extremely hard and made a tremendous effort over the last few years to improve the bank’s condition, while continuing to serve our customers,” Gairhan said in a company news release. “No banks were immune from the difficulties resulting from the recession, and we are a stronger bank today than when this started.”
Gairhan, who replaced John Scott as the bank’s president and CEO in April 2012, also announced record earnings of $3.4 million for the nine months ended Sept. 30. The bank’s net income was $1.9 million for 2011 and $2.2 million for 2012.
He also noted the bank’s Tier 1 capital ratio of 16.26 percent, which should enhance the bank’s ability to pursue growth opportunities in the future.
“We will continue to manage risk and grow profitably while focusing our efforts on lending to small businesses and consumers in our community,” Gairhan said.
United Bank, founded 35 years ago by don Pitts, has $145 million in assets, with two locations in Springdale and one each in Fayetteville and Rogers. The bank also has loan production offices in Conway and Tulsa.