OCC Releases Legacy Bank From Order

by Gwen Moritz  on Friday, Apr. 19, 2013 2:37 pm  

Legacy Bank of Springdale has been released from the oversight agreement it entered with federal regulators five years ago.

The order says the Comptroller of the Currency "believes that the protection of the depositors, other customers and shareholders of the Bank as well as its safe and sound operation do not require the continued existence of said Agreement."

The OCC issued the termination order on March 21 and announced it publicly on Friday afternoon. Next Wednesday, April 24, is the fifth anniversary of the order.

Legacy Bank had $275.2 million in assets as of Dec. 31, the most recent quarterly data available. The bank, which was chartered in 2005, earned $1.13 million in 2012 and $366,000 in 2011 after losing almost $12 million between 2007 and 2010.

The bank's $35.3 million in equity capital at year-end represented a Tier 1 capital ratio of 13.3 percent and total risk-based capital of 14.56 percent.

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