The Federal Deposit Insurance Corp. has ordered a small community bank in Fairfield to shed some of its troubled assets, maintain an appropriate capital position and re-assess its management and staff, according to a regulatory filing.
The Wilton Bank, which has $92 million in assets and 1 branch, was told by the FDIC and the state Banking Department last month that it must write-off some shaky loans in its portfolio. Specifically, the bank must reduce its risk position in each asset-valued at more than $50,000- that is classified “substandard” or “doubtful.”
The FDIC is also requiring The Wilton Bank to retain a consultant to assess its management and staffing needs. The company must also submit a strategic plan assessing its current financial condition and plans for increasing future profitability.
The Community’s Bank had $92.6 million in assets and 20 employees at the end of June, down from $95.3 million in assets a year ago.
The bank has recorded a net loss of $454,000 through the first six months of 2010.
