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Hancock Bank, 'We Grew Too Fast'

FDIC 300MADISONVILLE. Ky. (11/6/13) — Hancock Bank has entered into a Consent Order with the Federal Deposit Insurance Corporation after federal regulators found problems with some commercial loan accounts at Hancock Bank and Trust Company.

Hancock Bank president, Steve Cox, told SurfKY News that senior management and the board of directors were in agreement with the findings of the regulators; and, “we pledged to make the necessary changes to improve the situation. For example, we made changes to our internal controls as a result of the recommendations from the examiners,” Cox said. “There was no monetary fine, and there is no effect on our customers. And, we will only be a better bank as we go forward.”

Cox doesn’t expect any further action on the issue.

“The concerns federal regulators found with commercial lending process at Hancock Bank have been addressed and all recommended changes have been made,” he said.

To see the 17 page order, click here.

 

Ron Sanders
SurfKY News Group

© Copyright 2014 SurfKY News Group, Inc. All rights reserved. This material may not be published, broadcast, or rewritten without permission. SurfKY News encourages you to share this story by using one of the social media links below.

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