Bank Announces Regulatory Agreements.BRIDGEPORT, Ohio--(BUSINESS WIRE)--Aug. 6, 1999-- The following statement was released today by Belmont Bancorp. in a letter mailed to all stockholders from W. Quay QUAY, estates. A wharf at which to load or land goods, sometimes spelled key. 2. In its enlarged sense the word quay, means the whole space between the first row of houses of a city, and the sea or river 5 L. R. 152, 215. Mull, II, Belmont Bancorp.'s Chairman and Interim CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. : "As we announced on July 26th, Belmont Bancorp. and Belmont National Bank have anticipated requests from the Office of the Comptroller of the Currency The Office of the Comptroller of the Currency (or OCC) was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States. (OCC OCC See: Options Clearing Corporation OCC See Options Clearing Corporation (OCC). ) and the Federal Reserve Bank of Cleveland The Federal Reserve Bank of Cleveland is the Cleveland-based headquarters of the U.S. Federal Reserve System's Fourth District. The district is composed of Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia. that the Bank adjust certain operating procedures and increase reporting accountability to these regulatory agencies regulatory agency Independent government commission charged by the legislature with setting and enforcing standards for specific industries in the private sector. The concept was invented by the U.S. . On August 3rd, our Directors finalized an agreement with the Federal Reserve Bank and agreed to a consent order presented by the OCC. "The specific provisions of the agreements had largely been anticipated and many operational changes have already been made. Major provisions call for the Bank to form a Compliance Committee that will submit progress reports and monitor Bank activities, develop a new three year strategic plan, implement a process for recruitment and evaluation of senior management, receive prior regulatory approvals before the holding company reinstates dividends or borrows money, and achieve a targeted capitalization level by March 31, 2000. In addition, the Bank has agreed to identify any additional problem loans and leases to assure adequate reserves, confirm that all loans are in compliance with revised lending policies and that the loan portfolio is properly diversified, and strengthen internal and external audit processes. "Let me emphasize that we have already taken steps to address many of these issues. "Belmont National Bank has strong depositor relationships and continues to serve the banking needs of its customers. For over 150 years, we have proudly served our neighbors well. We are committed to continue serving people who enjoy the benefits of banking with neighbors." |
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