Tulsa National Bank released from federal oversight
BY LAURIE WINSLOW World Staff Writer
Thursday, January 24, 2013
1/24/13 at 8:15 AM
Tulsa National Bank has been released from a formal agreement it entered into last year with federal regulators to address unsafe and unsound banking practices that were found in several areas of its operations.
The Office of the Comptroller of the Currency terminated its agreement with Tulsa National on Dec. 17, according to information made public by the regulator last week.
"The Comptroller believes that the protection of the bank's depositors, other customers and shareholders as well as its safe and sound operation do not require the existence of said agreement," the regulator states in a letter.
Tulsa National entered into the agreement last February after the regulator found deficiencies in September 2011 during an examination.
"We're happy that we can rule our own destiny now," said Jim Batson, the bank's president. To have the agreement terminated in less than a year was a "nice Christmas present," he said.
Regulators were helpful throughout the process, Batson said.
"They are there for a reason, and they recognized deficiencies and prompted correction, and I think that had a lot to do with how fast we were able to progress to a point that we were able to be relieved from that letter of agreement," he said.
The agreement outlined steps for addressing unsafe and unsound banking practices that were related to loan portfolio management, appraisals of real property, strategic and business planning, and management continuity.
"We were able to meet all of their requirements, and that resulted in significant improvement in asset quality and prospects for future earnings capabilities," Batson said. "The bank is well capitalized at 11.3 percent and well positioned to enter 2013."
Original Print Headline: Regulator ends Tulsa National's oversight
Laurie Winslow 918-581-8466