UPDATE: United Bank of Springdale Dinged by Regulators

(Note: A correction has been made to this article. See end for details.)

United Bank of Springdale agreed to a cease-and-desist order issued by the Office of the Comptroller of the Currency last month, a replacement for a 2010 order issued by its former regulator, the Office of Thrift Supervision.

The 16-page order includes eight areas for improvement, down from 27 articles in the earlier order. "The bank's made great progress in the last 15 months," United's new president, Nathan Gairhan, told ArkansasBusiness.com on Friday. It is already in compliance with five of the eight articles in the current order, he said.

United Bank had assets of $165 million as of March 31 and net income in the first quarter of $452,000. It earned $1.95 million last year after losing $5.53 million in 2010.

Gairhan, formerly the northwest Arkansas regional president for First Western Bank at Rogers, joined United as president on April 19. Pending regulator approval, he will also succeed John Scott as CEO.

Scott announced in March that he will be leaving United Bank later this year.

(Correction, May 21, 2012: The original version of this story contained an outdated figure for United Bank's 2011 net income. The bank restated its income for 2011 after reducing its loan loss reserve by $1.2 million.)