NATCHEZ, Miss., Feb. 21, 2012 /PRNewswire-FirstCall/ -- Britton
& Koontz Capital Corporation (NASDAQ: BKBK) (the "Company")
announced today that effective February 21,
2012, its wholly-owned subsidiary, Britton &
Koontz Bank, N.A. (the "Bank"),
entered into a formal written agreement (the "Agreement") with the
Comptroller of the Currency of the United
States (the "OCC"), pursuant to which the Bank agreed to
take steps to improve the Bank's asset quality, credit risk
exposure, strategic planning initiatives, and capital planning.
The Agreement is based upon the findings of the OCC's Report of
Examination for the examination period ended March 31, 2011. Since the completion of the
examination, the Board of Directors and management of the Bank have
worked to address the findings of the exam and intend to develop
formal action plans to comply with the requirements of the
Agreement and the concerns that gave rise to the
Agreement.
Entry into the Agreement does not change the Bank's
"well-capitalized" status as of the date of this Current Report on
Form 8-K. However, in connection with the OCC Exam, the Bank
has agreed to the OCC establishing higher individual minimum
capital ratios for the Bank. Specifically, the Bank must
maintain a Tier 1 capital to adjusted total assets ratio of 8% –
this ratio was 10.91% for the Bank at December 31, 2011 – and a total risk-based
capital to risk-weighted assets ratio of 12% – this ratio was
19.22% for the Bank at December 31,
2011.
W. Page Ogden, President and CEO
of the Company, stated, "We have a good working relationship with
our regulators. We intend to proceed promptly with the steps
set forth in the Agreement."
A summary of the terms of the Agreement are set forth in the
Company's current report on Form 8-K, as filed with the Securities
and Exchange Commission on February 21,
2012.
http://www.bkbank.com
SOURCE Britton & Koontz Capital Corporation
