Savings Bank satisfies feds' conditions
Gardiner-based Savings Bank of Maine is no longer operating under increased scrutiny from federal regulators, after successfully boosting cash reserves.
The Office of Thrift Supervision earlier this week terminated two pending orders against the bank: a cease-and-desist order issued in August 2009 that claimed the bank was engaging in "unsafe or unsound practices," and a directive issued last March ordering the bank to double its capital-to-assets ratio by the end of September, according to the Kennebec Journal. The bank is planning to open its 33rd branch in April in Portland, and has already started leasing space at 2 Canal Plaza, chairman and CEO John Everets told the paper. The OTS is expected to rule on whether the bank can open that branch by March.
Last May, an investor group operating as SBM Financial Inc. acquired the bank's two holding companies, restructured its debt and injected $60 million of new capital, exceeding OTS's requirement of a 10.76% capital-to-assets ratio. The bank has about $861 million in assets, according to the paper.
Go to the article from the Kennebec Journal >>
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