Genoa Savings and Loan Co. said yesterday it entered into an agreement with state and federal regulators to reduce its loan portfolio's “risk profile” and to take steps to reduce certain types of loans, including higher-risk commercial and consumer loans and loans to borrowers with sub-standard credit.
The Ottawa County thrift institution said regulators mandated higher levels of capital, although its capital levels at the end of 2002 were above those considered “well-capitalized” under federal regulations. Genoa Savings, with assets of $118 million, had profits of $721,000 last year and of $89,000 in this year's first quarter, according to recent reports to the Federal Deposit Insurance Corp.
The thrift provided only general information about the agreement, and Ohio Division of Financial Institutions declined to disclose details. The Office of Thrift Supervision in Washington did not respond yesterday to The Blade's request for documents.