Trans Pacific National Bank Released from OCC Consent Order
SAN FRANCISCO--(BUSINESS WIRE)--John Daly, Chairman of Trans Pacific National Bank (“Trans Pacific”) announced Tuesday that effective February 10, 2014, the Office of the Comptroller of the Currency had terminated its Consent Order issued in June 2010.
“I’m very proud of our employees and our Board of Directors, who have worked extremely hard and made a tremendous effort over the last few years to improve the bank’s condition, while continuing to serve our customers”
According to Daly, the OCC determined that Trans Pacific was in full compliance with the requirements of the Consent Order that included an increase in capital, reduction of problem assets and the implementation of policies and procedures to improve the bank’s loan portfolio, liquidity and interest rate risk management.
“I’m very proud of our employees and our Board of Directors, who have worked extremely hard and made a tremendous effort over the last few years to improve the bank’s condition, while continuing to serve our customers,” David Funkhouser, bank president and CEO, said in the statement. “No banks were immune from the difficulties resulting from the recession. Not all banks survived but through much effort Trans Pacific has become a stronger bank today than when this started. We have been fortunate to have regained profitability in 2011 and the significant reduction of our problem assets has the bank well-positioned to grow our market share.”
Funkhouser also said “the bank’s strong Risk-Based Capital ratio of 16.95% enhances the bank’s ability to pursue growth opportunities as they arise. We will continue to manage risk and grow profitably while focusing our efforts on lending to small businesses and consumers in our community.”
Trans Pacific, a privately held San Francisco based community bank with $121 million in assets, has branches in San Francisco, Alameda and Millbrae. The Bank was founded in 1984 to provide banking services for professional companies, small businesses and their principals.