ASBD issues a cease-and-desist order that requires Allied to hire a consultant to assess the bank's management and staffing needs.
Louis Fed and ASBD. It retains its CAMELS rating of 3, but earnings are still a 4.
Louis Fed and ASBD raise Allied's CAMELS rating to 5 in every category based on an exam that started May 21.
ASBD revises its November 2010 cease-and-desist order to include additional provisions not specified in the OIG's final report.
Louis Fed and ASBD finish another exam begun at the end of November but don't report CAMELS ratings.
Guinn said the ASBD
likes to see past dues and nonaccruals below 3 percent of a bank's total portfolio.
Including The Bank of Fayetteville's, there have been 13 charter conversion applications with the ASBD
That's probably because the stock subscription was spread out over a long period of time, said Richard Plotkin, a financial analyst with the ASBD. Therefore, the bank's entry for the list on Page 21 indicates only the number of shares the directors own.
According to documents filed with the ASBD, four members of the board are not direct investors.
Legacy National Bank of Springdale has received conditional approval from the Comptroller of the Currency, and Signature Bank of Arkansas of Fayetteville has received a thumbs-up from the ASBD
. Each is in the final stages of organizing and prep for final exams, and each could be open by the end of the first quarter.
Luther Guinn with the Arkansas State Bank Department said the minimum required to start a state-chartered bank in the northwest Arkansas market is $5 million, but the ASBD
might require more depending on the growth expectations of a proposed bank.