Chino Commercial Terminates Formal Agreement with Comptroller of the Currency
Chino Commercial Bancorp (OTC: CCBC), parent company of Chino Commercial Bank NA (the "Bank"), today announced that on October 10, 2013, the Bank was informed by its primary regulator, the Office of the Comptroller of the Currency (the "OCC"), that the formal written agreement between the Bank and the OCC, dated April 12, 2011 (the "Agreement"), was terminated effective October 10, 2013.
President and CEO Dann H. Bowman stated, "We are very pleased with the action taken by the OCC and we are gratified that our primary regulator has recognized the significant progress we have made in addressing the requirements of the Formal Agreement. Separate from the Agreement, we would like to emphasize that Risk Management, Compliance, Internal Control, Underwriting and Credit Administration policies and procedures which have been built over the past two years will continue to be a core part of our culture and operations."
Chino Commercial Bancorp is a one-bank holding company engaged in the commercial banking business through its wholly owned subsidiary Chino Commercial Bank, a full service commercial bank headquartered in Chino California. Organized in 2000, the Bank has 3 branch offices in Southern