Atlas Bank's Formal Agreement With The OCC

In Calculated Risk blog's latest update to its unofficial problem bank list, it mentioned several changes due to the OCC public release of its enforcement action activity. Seven banks were added to the list. One of the seven is Atlas Bank, Brooklyn, NY.

Last year Atlas Bank had been offering some hot CD deals. The rates have gone down this year, but they are still competitive.

Looking at the bank's financial overview (based on December 2011 data), it seems to be in good financial shape.

Here's the OCC's formal agreement with Atlas Bank. In the introduction it states:

The Comptroller has found unsafe and unsound banking practices relating to asset quality and earnings at the Bank

It'll be interesting to see how the numbers change when Q1 data is released.