CU Bancorp Released From ’92 Agreement

CU Bancorp, the Encino-based holding company of California United Bank, said it has been released from an agreement imposed by federal regulators in June, 1992, that put strict requirements on the bank.

CU Bancorp said the agreement with the office of the comptroller of the currency was terminated last week after the company showed three consecutive quarters of profit during 1993 as well as improvements in several performance categories.

The formal agreement required the bank to maintain certain capital levels and adopt a written program to reduce bad assets and maintain adequate loan-loss reserves. But since the agreement, CU Bancorp said it had reduced its non-performing loans from $21 million to $1 million as of Sept. 30. CU said it also built up capital levels that now exceed requirements set by regulators.