Academy Bank under federal scrutiny
COLORADO SPRINGS, Colorado – A bank with branches in Wal-Mart stores across Colorado has been ordered by federal bank regulators to boost capital reserves and stop “unsafe banking practices.”
Academy Bank has until August to submit a three-year strategic plan to the U.S. Comptroller of the Currency’s Office, which issued a cease and desist order in May. The plan must include ways the bank will reduce risk and improve performance.
Academy Bank has $507.3 million in assets and $453 million in deposits in 54 branches across Colorado, including 13 branches in the Colorado Springs area.
The comptroller’s office has taken enforcement actions against 105 banks so far this year, including six others in Colorado.
Information from: The Gazette, http://www.gazette.com