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LANB, OCC modify regulatory pact

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Bank > Agreement was signed Dec. 17

By John Severance

The Los Alamos National Bank signed another consent order with the Office of the Comptroller of the Currency Dec. 17.
LANB president Steve Wells said this consent order replaces the one signed with the OCC in November of last year.
“It further clarifies the areas LANB needs to address to be in compliance and to meet the expectations of our primary regulator,” Wells said in an email.
According to a SEC release, the focus of the order is on improving the bank’s credit administration, credit underwriting, internal controls, compliance and management supervision. Additionally, the Order requires that the Bank maintain certain capital ratios and receive approval of the OCC prior to declaring dividends.
The Order terminates the previously entered Formal Agreement dated November 30, 2012 and will remain in effect until terminated, modified or suspended by the OCC.”
Wells said the consent order does not directly affect an agreement that LANB signed with Kansas City Federal Reserve earlier this year.


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