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The Connecticut lender overhauled its enterprise risk management system after becoming frustrated with inefficient spreadsheets.
February 25 -
The growing influence of two directors known for seeking big changes at other banks has raised questions about whether Naugatuck Valley Financial in Connecticut may be put up for sale.
November 26 -
The CFPB found that more than 26 million consumers are effectively "credit invisible" because they have no credit record and another 19 million are "unscored" because they have an insufficient or stale credit history. But it's unclear how the CFPB plans to tackle the issue.
May 5
Naugatuck Valley Financial in Naugatuck, Conn., has been freed from a regulatory order.
The $497 million-asset company said in a press release Tuesday that its bank has been released from a formal agreement with the Office of the Comptroller of the Currency.
The OCC said in a letter that it will no longer require the bank to meet individual minimum capital requirements beyond standard regulatory capital requirements. At 31, the bank had a Tier 1 leverage ratio of 11.18% and a total risk-based capital ratio of 17.64%. The bank had been required to have a 9% Tier 1 ratio and a 13% total risk-based capital ratio.
"With the termination of this enforcement agreement, the bank can devote its full efforts toward the bank's mission of delivering superior service to our customers and build value for our shareholders while supporting the communities we serve," William Calderara, Naugatuck Valley's president and chief executive, said in the release. "However, the risk management principles which brought the bank into compliance with the formal agreement will continue to be a core part of our culture and operations."
The company
