Lexington, KY – Bardstown’s Town & Country Bank and Trust Co. announced that it is no longer under a consent order from the Federal Deposit Insurance Corporation and the Kentucky Department of Financial Institutions.
Since entering into the Consent Order, Town & Country’s board of directors and leadership team have made numerous changes to improve the bank’s operations and risk management practices, the bank stated in a release.
The bank realigned its lending policies and procedures, enhanced credit monitoring and put new control processes in place as it worked resolve problem loans.
The Bank’s management and board have worked closely with regulators to address its challenges and believe the Bank has emerged as a stronger, healthier organization, the release states.
Town and Country has posted earnings every quarter in 2013 while maintaining a loan loss reserve of 5 percent to address the troubled loans that remain in its portfolio, according to the bank.
Town and Country hired its current president and CEO Linda Rumpke while under the consent order. Rumpke formerly headed Chase’s operations in Lexington and served as finance commissioner during former Mayor Jim Newberry’s administration.
“We’re very excited about the termination of the regulatory consent order and I’m pleased with the accomplishments over the past three years,” Board Chairman Thomas A. Wimsett, who was named chair in March 2011, said in the release. “We were able to raise the necessary capital, attract the appropriate management, and dramatically improve our credit and underwriting skills. We are very fortunate to have such a dedicated group of employees, customers and shareholders.”