The First National Bank of Wahoo has agreed to take several steps in addressing allegations of unsafe and unsound banking practices alleged by the U.S. Comptroller of the Currency.
Regulators have cited problems with the bank's board and management oversight, credit administration, capital planning and interest rate risk management.
Bank President Steve Sallenbach said that the bank has already addressed the issues, which he attributed to the bank's rapid growth. The bank's assets have grown to $200 million from $120 million over the past two years.
In July 2010, it acquired the First National Bank and Trust of Syracuse, which also had been operating under an agreement with the Comptroller of the Currency.