The Bank Slate


OCC hits Vast Bank in Okla. with consent order

Vast Bank in Tulsa, Okla., an early pioneer in dealings with cryptocurrency, has entered into a consent order with the Office of the Comptroller of the Currency.

The $1 billion-asset bank must form a compliance committee with at least three independent directors and submit a three-year capital and strategic plan. Vast must also have a written liquidity risk management program

The order gives the bank 60 days to attain a total capital ratio of at least 13% and a leverage ratio of at least 10%. The bank had a total capital ratio of 12.51% and an 8.45% leverage ratio on Sept. 30.

Vast just announced that it signed a definitive agreement with investor Robert Gregory Kidd, who plans to infuse $48 million into the bank holding company. The investment is expected to close next month.

Vast must also create a written plan for adding, modifying or expanding its products and services. The bank is barred from adding or changing a product or service “that is not consistent with the board-approved capital and strategic plans.

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