Bryan Bank and Trust, a subsidiary of The Savannah Bancorp Inc., has entered into a consent order with the Federal Deposit Insurance Corporation and the Georgia Department of Banking and Finance.
Bryan Bank entered into the consent order on March 1 in an effort to strengthen its financial position, according to a release from the bank.
The release said "like many other banks throughout Georgia and across the country, Bryan Bank has experienced an increase in nonperforming loans and classified assets during the economic downturn," which has impacted earnings.
Bryan Bank and Trust CEO and President Dell Keith said in the release that despite obstacles like declines in real estate values and high unemployment, the bank is proactive.
"The bank...has remained proactive in making the necessary adjustments to sturdy its position in the best interest of its customers, shareholder, employees and the community as a whole," Keith said.
"We have been working diligently over the last two years to maintain and adequately capitalized position and to reduce our level of problem loans," Keith also stated. "We have taken the necessary steps to revamp our credit policies to reduce our exposure and address our future credit risk to help meet regulatory requirements.