FNCB $5.35
First National Community Bancorp, Inc. Announces Termination of OCC Consent Order
3 hours 44 minutes ago - DJNF
DUNMORE, Pa., March 26, 2015 /PRNewswire/ -- First National Community Bancorp, Inc. (OTCQX: FNCB) ("Company"), announced today that First National Community Bank ("Bank"), the Company's wholly-owned banking subsidiary, has been fully and completely released from the Consent Order ("CO") entered into with the Office of the Comptroller of the Currency ("OCC") in September 2010. The effective date of the termination of the CO was March 25, 2015.
In response to the CO and other factors, the Bank implemented and adopted industry best practices to meet the evolving expectations of the regulatory agencies for community banks. Included in the enhancements were additional corporate governance practices and disciplined business and banking principles related to the Bank's procedures, systems, policies, programs, plans, training and resources. The Board of Directors added experienced members to provide further oversight and guidance. These and other efforts were reflected in the results of operations for years 2013 and 2014. In 2014, the Company reported its most profitable year since 2008 and, as of December 31, 2014, both the Company's and the Bank's regulatory capital ratios were the highest they have been since December 31, 2008. All of these efforts were accomplished without any specific capital raising activity.
The termination of the CO signifies that the OCC has determined that the Bank has met all of the CO requirements. Also, with the termination of the CO, the Bank is now considered "well-capitalized" under the FDIC's prompt corrective action provisions.
"Since the Bank entered into the CO, the Board of Directors, management and all of our employees have worked tirelessly to improve the Bank's processes and controls, while continuing to serve our customers and strengthening our competitive position in Northeastern Pennsylvania. The termination of the CO is a highly positive milestone for the Bank and represents our team's successful efforts to improve our compliance-related infrastructure, as well as strengthen our balance sheet and improve the Bank's financial performance," said Steven R. Tokach, President and Chief Executive Officer. "It's gratifying that we have been able to realize significant performance improvements while operating under the limitations of a regulatory order. The termination of the CO enhances our ability to execute our strategic plan and enables our team to focus its time and energy on deepening existing and adding new customer relationships, growing core profitability and building long-term shareholder value through the remainder of 2015 and beyond."
About First National Community Bank:
First National Community Bancorp, Inc. is the bank holding company of First National Community Bank, which provides personal, small business and commercial banking services to individuals and businesses throughout Northeastern Pennsylvania. The institution was established as a National Banking Association in 1910 as The First National Bank of Dunmore, and has been operating under its current name since 1988. For more information about FNCB, visit www.fncb.com.
INVESTOR CONTACT:
James M. Bone, Jr., CPA
Executive Vice President and
Chief Financial Officer
First National Community Bank
(570) 348-6419
james.bone@fncb.com
