Bank of Lake Village emerges from Federal order.
The March 2004 order required the bank's directors to take specific steps to clean up its portfolio of problem loans and to stabilize the bank's capitalization.
Bank President Terence J. Alpe said the termination of the order followed a positive examination by federal bank regulators last summer.
Alpe had blamed the problems in 2003 and 2004 on a depression in the catfish industry. And, conversely, he said the bank's rebound was also a direct reflection of improvements in the aquaculture industry.
Bank of Lake Village, which had $60 million in assets as of Sept. 30, lost $1.58 million in 2004 after net charge-offs of $2.17 million. Year-end figures for 2005 are not yet available from the FDIC, but Alpe said the bank's Dec. 31 call report would show full-year net income of $416,775.
"Surprisingly enough, the local public here recognized what was happening to the economy and that what was happening to the bank was a direct result of that economy," Alpe said.
The bank maintained its deposit base and was positioned to rebound along with the local catfish farmers, he said.
|Printer friendly Cite/link Email Feedback|
|Title Annotation:||BANKING & FINANCE|
|Date:||Feb 13, 2006|
|Previous Article:||Storm Cat Energy buying Fayetteville Shale leases.|
|Next Article:||P.A.M. Transportation earnings up 146%.|
|NY Federal Savings names new mortgage lending head.|
|APPLICATIONS APPROVED UNDER BANK HOLDING COMPANY ACT.|
|Former Parkin banker fined $50,000.|
|Bank of Lake Village grapples with catfish.|
|Arkansas business list: largest SBA lenders.|