BFC BANKORP ANNOUNCES OTS EXAMINATION PRELIMINARY RESULTS
BFC BANKORP ANNOUNCES OTS EXAMINATION PRELIMINARY RESULTS NEW YORK, Feb. 19 /PRNewswire/ -- BFS Bankorp, Inc. (NASDAQ: BFSI)
today announced that it anticipates that it will make a larger provision for loan losses as a result of a regular examination of the company's subsidiary, Bankers Federal Savings FSB, by the Office of Thrift Supervision (OTS). The exact amount is subject to further discussions with the OTS. The additional provision for loan losses will cause the bank to fall below its risk-based capital requirement although it will continue to fully meet both its core capital requirement and its tangible capital requirement.
James Randall, president and CEO, noted, "The bank is in the process of completing the securitization of certain multi-family mortgage loans, which transaction, if completed, would reduce its risk-based capital requirement by approximately $3 million and thereby should bring the bank back into compliance with the risk-based capital requirement. Pending action that brings the bank into capital compliance, or the submission of a capital plan that is acceptable to the OTS, the bank cannot increase its assets. We are taking several steps to ensure that the growth limitation, even if temporary, does not curtail our very active and successful loan origination activities." As a result of the continuing discussions with the OTS as to the amount and timing of the actual provision for loan losses that will be required, the company anticipates a delay in the reporting of its quarterly results. -0- 2/19/92 /CONTACT: James A. Randall, president and CEO of BFS Bankorp, 212-227-4040/ (BFSI) CO: BFS Bankorp, Inc. ST: New York IN: FIN SU: GK-AH -- NY003 -- 0273 02/19/92 08:42 EST
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|Date:||Feb 19, 1992|
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