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Okla. bank receives industry's 1st prompt corrective action directive of 2019

Three severe enforcement actions were handed out in January, including the first prompt corrective action of the year.

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As of March 8, there were 129 banks and thrifts operating under severe enforcement actions issued since 2010.

On Jan. 11, Oklahoma-based Fort Gibson State Bank received a prompt corrective action directive from the Federal Deposit Insurance Corp. that labeled the bank "significantly undercapitalized." At the end of 2018, Fort Gibson's leverage ratio was 3.12%, down from 8.14% at the end of 2017.

During 2018, the bank's credit quality deteriorated rapidly. At the end of 2017, only 0.03% of the bank's loans were 90-plus days past due or in nonaccrual status. By the end of the 2018 third quarter, however, that level had risen to 5.04% and hit 9.43% in the fourth quarter.

Another Oklahoma-based bank, Lakeside State Bank, received a consent order from the FDIC on Jan. 30 related to concerns about the bank's Bank Secrecy Act, information technology and internal control functions.

San Antonio-based USAA Federal Savings Bank received a consent order on Jan. 7 from the Office of the Comptroller of the Currency tied to the company's compliance management systems and risk governance.

Currently, Georgia has 11 banks and thrifts operating under a severe enforcement action, the most of any state. However, that accounts for only 7% of the institutions headquartered in Georgia, down from more than 25% during the credit crisis years.

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Click here to set up real-time alerts for data-driven articles on the U.S. financial sector.

Click here to view the map as a PDF.

To view a refreshable spreadsheet of all operating banks and thrifts under a severe enforcement action as of March 10, click here.

For a spreadsheet listing the five most recent enforcement actions for an individual bank or thrift, click here.

Click here to visit S&P Global Market Intelligence's enforcement actions page.