February, 25, 2010

CreekSide Bank on Wednesday signed a consent order with the Federal Deposit Insurance Corp. and the Georgia Department of Banking and Finance that it said outlines strategies to shrink nonperforming assets, ensure adequate reserves to absorb potential loan losses, maintain an adequate level of capital and generate earnings.

“Due to the toll the recession and real estate downturn have taken on the banking industry, it is estimated that regulators have entered into agreements with approximately 40 percent of all Georgia banks in the past year as a way to strengthen the overall industry,” said Larry Peterson, president and CEO, in a statement. “While our conservative approach to community banking mitigated the impact the market downturn has had on our bank, we still face many of the same challenges that confront other community banks.”

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