The Coastal Bank announced today that the FDIC and the Georgia Department of Banking and Finance have removed the consent order that was entered into in May 2011. Coastal is the first bank in the Savannah area to emerge from a formal order with the regulatory authorities. “Long before the formal order was issued, we committed the necessary resources to improve the bank’s condition as quickly as possible,” said Jim A. LaHaise, president and CEO of The Coastal Bank. "Throughout the two-year tenure of the order, we maintained capital levels which were well in excess of the agreed upon minimums. "This capital position allows us to continue to lend money to support customer needs in the communities we serve. We appreciate the support of our board of directors, management team and staff in reaching this significant accomplishment.” Improvement of The Coastal Bank’s financial condition over the past two years has been driven primarily by the reduction of problem loans. The bank has made significant improvements in earnings performance, returning to profitability in 2012.
See Tuesday's Savannah Morning News or return to savannahnow.com for additional information.
See Tuesday's Savannah Morning News or return to savannahnow.com for additional information.