ANB Bancshares CEO Dan Dykema to Meet Fed Request for Capital Plan
by March 10, 2008 12:00 am 80 views
Bank aficionados watching ANB Bancshares’ plight have rightly timed that its required deadline to answer the Federal Reserve Bank of St. Louis is mid-March.
But on March 5, Dan Dykema, chairman and CEO, said the bank’s plan was ready for a March 6 submission and he was going to turn it in that day.
Among other things on Jan. 29, the Fed asked ANB to submit a detailed written capital plan and a cash flow plan in light of its $58.9 million losses and nonperforming assets of $388 million at the end of 2007.
“I think we’ve got a few things cookin’ but nothing we can talk about,” Dykema said.
The bank has about 40 shareholders – about 40 different families or trusts – but there’s no word on if that group came up with the needed cash, or if anyone will.
When asked about selling the bank, Dykema said that that was not the crux of the capital plan, though it wasn’t completely ruled out.
Dykema wasn’t sure how long it would take the Fed to respond to his work-out plan.
“I fully expect they’ll get on it right away,” he said.