LAFAYETTE, Ind., Nov. 21, 2013 /PRNewswire/ -- LSB Financial
Corp. (NASDAQ:LSBI), the parent company of Lafayette Savings Bank,
FSB, today announced that on November 18,
2013, the Bank was informed by its primary regulator, the
Office of the Comptroller of the Currency (the "OCC"), that the
formal written agreement between the Bank and the OCC, dated
August 31, 2010 (the "Agreement"),
was terminated effective immediately. At September 30, 2013, the Bank was considered "well
capitalized" for regulatory purposes with a Tier 1 leverage ratio
of 11.2%, a Tier 1 risk-based capital ratio of 16.1% and a total
risk-based capital ratio of 17.4%. The Bank exceeded the minimum
regulatory requirements to be considered "well capitalized" of
5.00% for the Tier 1 leverage ratio, 6.00% for the Tier 1
risk-based capital ratio and 10.00% for the total risk-based
capital ratio.
President and CEO, Randolph F.
Williams, stated, "I am very pleased with the action taken
by the OCC and am gratified that our primary regulator has
recognized the significant progress we have made in addressing the
requirements of the Agreement. We have committed significant time
and resources during the past three years to fully address matters
raised by the OCC. We believe as a result, we are a financially
stronger bank with systems and processes that will aid us as we
continue to provide quality services to our customers. I would like
to express, on behalf of our board of directors and management, our
appreciation to our employees who have helped us to address
successfully the regulatory issues set forth in the
Agreement." The closing market price of LSB stock on
November 20, 2013 was $ 28.65 per share as reported by the NASDAQ
Global Market.
SOURCE LSB Financial Corp.