Regulators lift enforcement action against Decatur State Bank
by October 31, 2014 2:50 pm 111 views
The Federal Deposit Insurance Corp. lifted that consent order against Decatur State Bank in September, according to a filing which was made public Friday (Oct. 31.).
Decatur State Bank was on the verge of takeover last year when Danville-based Chambers Bancshares worked out a deal with regulators to acquire the struggling rural bank running dangerously low on capital.
The bank which operates under the oversight of Chambers Bancshares, has shaken the cease and desist order which the federal regulators slapped on the bank in November 2011, when loan losses first began to erode the bank’s operating capital.
Through three quarters of 2014, Decatur State Bank reports net profits of $184,000, which compared to losses of $697,000 in the same period of 2013. The bank reports assets of $138.5 million, with equity capital of $16.2 million as of Sept. 30.