Regnier: Bank is well capitalizedThe parent company of the Bank of Blue Valley lost $4.2 million for the third quarter, an improvement of nearly 33 percent from the net loss for the same period in 2008.
Blue Valley Ban Corp. also acknowledged Friday that it had entered an agreement with the Federal Reserve Bank of Kansas City to take a number of steps to maintain the financial soundness of the financial institution.
Among other things, the company is required to submit a plan to the Federal Reserve within 60 days that includes procedures on minimizing credit losses and reducing the level of problem assets.
Robert Regnier, chairman and chief executive officer of Blue Valley Ban Corp., said the company "continues to be well capitalized" by regulatory standards. After increasing reserves in the third quarter, Regnier said Bank of Blue Valley has more than $35 million in excess capital over amounts required by regulators.
"As economic times remain challenging, the company has continued to set aside reserves to address the inherent risk in its loan portfolio," Regnier said.
For the nine months of 2009, the bank company reported a net loss of $12.1 million, up from a net loss of $5.6 million through the first nine months of 2008.
I think this company took government money. I hope I get a below book price on the furniture as a taxpayer during the auction.