Coast National Bank - Termination of Consent Order by Office of the Comptroller of the Currency
April 21 2014 - 8:05PM
Marketwired
Coast National Bank - Termination of Consent Order by Office of the
Comptroller of the Currency
SAN LUIS OBISPO, CA--(Marketwired - Apr 21, 2014) - Coast
National Bank, a wholly owned subsidiary of Coast Bancorp (OTCBB:
CTBP), today announced it has received the official effective Order
Terminating the Consent Order entered into by the bank's Board of
Directors on February 9, 2011 and issued by the Comptroller of the
Currency of the United States of America and terminated on April 9,
2014.
The official document states "the Comptroller believes the
protection of the depositors; other customers and shareholders of
the Bank, as well as the Bank's safe and sound operations do not
require the continued existence of the
Order." The Bank is subject to several
continuing conditions imposed by the Comptroller in connection with
the termination of the Order under an informal letter
agreement.
On behalf of the board of directors of the bank, Chief Executive
Officer Anita M. Robinson commented, "This is a direct result of
the effort of the board of directors and each and every employee
having worked very diligently to improve the bank's condition and
to restore the confidence of our loyal customers and the community.
We look forward to the next phase of life of the bank, where we
continue to be the local community bank everyone wants to be a part
of."
Established in 1997, Coast National Bank is a local community
bank serving consumers and businesses through four local offices
serving San Luis Obispo County. With a focus on delivering
outstanding customer service, Coast National Bank is an expert in
small business lending and provides an array of business and
personal banking deposit products and other services. For further
information, visit www.coastnationalbank.com or call
805.541.0400.
Coast National Bank is an Equal Housing Lender and member
FDIC.
This release contains forward-looking statements that
reflect management's current views of future events and operations.
These forward-looking statements are based on information currently
available to the Company as of the date of this release. It is
important to note that these forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties, including, but not limited to, the ability of the
Company to implement its strategies.