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SIGNET BANK ENTERS AGREEMENT WITH THE OFFICE OF THE COMPTROLLER OF THE CURRENCY

 SIGNET BANK ENTERS AGREEMENT WITH THE
 OFFICE OF THE COMPTROLLER OF THE CURRENCY
 RICHMOND, Va., Feb. 7 /PRNewswire/ -- Signet Bank N.A., the smallest of Signet Banking Corporation's (NYSE: SBK) three bank subsidiaries, announced today that it has agreed in principle to enter into a written agreement with the Office of the Comptroller of the Currency (OCC) incorporating measures to improve profits, capital and credit quality, and prescribing certain minimum capital ratios.
 The agreement, which is subject to final approval by the OCC and the Board of Directors of Signet Bank N.A., is expected to deal with lending policy, loan administration and review, the allowance for loan losses, criticized assets, credit and collateral exceptions and appraisal policy. The bank will also develop profit and capital plans designed to maintain certain minimum capital ratios. The agreement contemplates periodic progress reporting in each of these areas.
 At Dec. 31, 1991, Signet Bank N.A. had assets of $779 million including loans of $213 million, these totals representing 7 percent and 4 percent, respectively, of Signet Banking Corporation's total assets and loans.
 The proposed agreement emanated from an examination by the OCC as of June 30, 1991. At Dec. 31, 1991, Signet Bank N.A. was in compliance with the capital ratio requirements of the proposed agreement and its allowance for loan losses significantly exceeded the level requested by the OCC. In May of 1991 Signet Bank N.A. acquired certain assets and assumed the deposit liabilities of the failed Madison National Bank of Washington, D.C.
 -0- 2/7/92
 /CONTACT: G.P. Clancy, Jr., President, Signet Bank N.A., 202-835-8409/
 (SBK) CO: Signet Bank N.A.; Signet Banking Corporation ST: Virginia IN: FIN SU: CON


JZ -- CH011 -- 7933 02/07/92 16:39 EST
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Publication:PR Newswire
Date:Feb 7, 1992
Words:294
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