The Edmond Sun
EDMOND — Citizens Bank on Jan. 27 agreed to a lengthy list of reforms and measures with federal regulators with the aim of improving oversight and certain lending practices. The bank has 60 days to submit a written plan on all action items to regulators and those actions reach as high as the bank’s own board of directors in the area of credit risk management, loan review and mitigating risks.
It’s a shame to see such a centerpiece of the local community put in this position, but to the 100-year-old bank’s credit it has taken several key steps since the end of 2009 to restore credibility in both the eyes of regulators and its customers.
The bank has hired a new CEO and at least three other key figures during this transition, all of whom have experience and expertise in regulatory matters. That’s a great sign that Citizens Bank is willing to modify past practices to eliminate any potential concerns as to the bank’s health and reliability.
Edmond, as a community, is rich in banking establishments in both the family owned and corporate categories. There are more than 50 branches in Edmond alone and that’s a testament to the wealth of the community. Despite bank failures nationwide throughout the 2008 recession, none have actually failed in Edmond and we hope to see that trend continue.
While it’s uncomfortable to see this longtime community partner weather this storm, so far, the bank seems to be doing so with grace and a firm eye toward exiting this period as a stronger financial institution.
Its customers and the many nonprofits and charitable causes supported by the bank are in need of reassurance and strong stewardship. We believe that if the bank continues its current course of reform, it will meet those expectations.
