LANB Makes Regulatory Agreement Changes

LANB President Steve Wells

Staff Report

In November of 2012, Los Alamos National Bank signed a regulatory agreement with the Office of the Comptroller of the Currency, the Bank’s primary regulatory. 

“LANB has been working toward compliance with the agreement and had made a great deal of progress since that time,” Bank President Steve Wells told the Los Alamos Daily Post. 

In a Bank SEC 8K filing Monday, the Bank, with its administrative offices at 1200 Trinity Dr. in Los Alamos, announced that it had entered into a Consent Order with the OCC Dec. 17 of this year. The filing goes on to say the focus of the Order is on improving the Bank’s credit administration, credit underwriting, internal controls, compliance and management supervision. Additionally, the Order requires that the Bank maintain certain capital ratios and receive approval of the OCC prior to declaring dividends. The Order terminates the previously entered Formal Agreement dated Nov. 30, 2012 and will remain in effect until terminated, modified or suspended by the OCC.

Wells commented that, “the Bank consented to the provisions of the Order because the Bank is committed to be the best Bank it can be and that means alignment with the Bank’s Regulators as well, adding that, “the Order replaces the previous agreement and clarifies additional areas the Bank needs to improve.”

LANB is the largest locally-owned bank in the state and employs 367 people in the region.