United Bank announced Tuesday (Oct. 2) it had record quarterly earnings of $3.4 million and has received a Consent Order release from the federal Comptroller of the Currency (OCC).
According to United, the OCC determined that the bank was in full compliance with the requirements of the Consent Order that included the reduction of problem assets and the implementation of policies and procedures to improve the bank’s loan portfolio management.
United Bank, a Northwest Arkansas based community bank with $145 million in assets, has twolocations in Springdale and one each in Fayetteville and Rogers. The bank also has loan production offices located in Conway and Tulsa. The bank was founded 35 years ago by Don Pitts and has had the same ownership.
“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” Nathan Gairhan, bank president and CEO, said in the statement. “No banks were immune from the difficulties resulting from the recession and we are a stronger bank today than when this started. We have been fortunate since 2011 to have good solid earnings and the significant reduction of our problem assets has the bank well-positioned to grow our market share.”
The bank’s net income was $1.9 million for 2011, $2.2 million for 2012, and 2013 earnings as of Sept. 30 had improved to $3.4 million.
Gairhan also said “the bank’s strong Tier 1 Capital ratio of 16.26% 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.”