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First NBC Bank Holding Co., whose finances had come under scrutiny, has struck an accord with regulators to improve its position.

Under a Nov. 10 consent order with the Federal Deposit Insurance Corp. and the Louisiana Office of Financial Institutions, which the New Orleans lender disclosed on Thursday, First NBC is to review its management and lending operations and submit a plan to "achieve and maintain" certain Tier 1 capital ratios, among other requirements.

The FDIC and Louisiana OFI would then review the plans, policies and procedures and, if they don't raise objections, give First NBC the green light to put the changes into action.

First NBC, which has delayed financial regulatory filings as it hires a new auditor, also faces a Jan. 17 deadline to send to the Nasdaq Stock Market a plan to regain compliance with its listing rules. The company has pushed back its annual shareholders meeting to Dec. 8.

The bank—which in October disclosed that regulators had deemed it to be in "troubled condition," restricting its ability to take on debt—has been considering whether to raise capital by selling shares, which would dilute existing shareholders, or to sell itself, The Wall Street Journal reported.

Founded in 2006, less than a year after Hurricanes Katrina and Rita ravaged the area, First NBC was backed by a series of well-known and moneyed investors, including football stars Peyton and Eli Manning. The lender grew rapidly, investing heavily in New Orleans construction projects that came with generous tax credits.

At the heart of the bank's mounting financial problems are those tax credits, which fueled much of its growth but that also put in question its underlying financial health.

The lender, which has had to restate results over accounting issues, is also grappling with souring loans and securities. The Securities and Exchange Commission is investigating its accounting.

The bank's stock closed Thursday at $8.05, down more than three-quarters for the year.

Rachel Louise Ensign contributed to this article.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

November 17, 2016 19:55 ET (00:55 GMT)

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