Regulators Say Bank’s Condition Has Improved
Ventura County National Bancorp, Oxnard-based parent of Ventura County National Bank, says it is no longer operating under an agreement imposed since 1993 by the U.S. comptroller of the currency.
Richard S. Cupp, president and chief executive of both the holding company and the bank, hailed the announcement as the final step in the bank’s return to “solid performance and results.” He said capital-to-liability ratios are now well above required levels.
In its notice, the comptroller’s office said the agreement is no longer necessary for the safety and soundness of the bank’s operations.
Problem loans and other difficulties caused regulators to require the operating agreement.
Ventura County National Bank says it is Ventura County’s largest independent bank, with offices in Oxnard, Ventura, Camarillo and Westlake Village. The holding company also owns Frontier Bank, based in Orange County.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
