Regulatory Alerts2025-02-18 | Conditional Approval 1333Added
Conditional Approval 1333 — Application filed by CenTrust Bank, National Association, Northbrook, Illinois, to effect a substantial change in assets
The Office of the Comptroller of the Currency conditionally approves CenTrust Bank, National Association's application to effect a substantial asset change resulting from a material increase in size due to an acquisition by Billfloat, Inc. d/b/a SmartBiz. The approval requires the bank to maintain a tier 1 leverage ratio of no less than 11.0 percent for three years, receive a $6 million capital injection, and submit a Community Reinvestment Act Strategic Plan within specified deadlines. Additionally, the OCC grants residency waivers for non-resident directors and imposes conditions regarding prior notice for business plan deviations and executive officer approvals during the first two to three years of operation.