Kentucky First Federal Bancorp Ends OCC Written Agreement, Exits Troubled Status
Kentucky First Federal Bancorp announced that the OCC has terminated its August 13, 2024 formal written agreement with First Federal Savings Bank of Kentucky, removing the bank’s “troubled condition” status under 12 C.F.R. §5.51(c)(7)(ii). The bank also sees individual minimum capital requirements lifted, though its capital already exceeded them.
1. OCC Agreement Termination
The OCC has terminated its formal written agreement dated August 13, 2024 with First Federal Savings Bank of Kentucky, ending the specific supervisory measures applied under that agreement.
2. Removal of Troubled Condition
With the agreement’s termination, the bank is no longer classified in “troubled condition” under 12 C.F.R. §5.51(c)(7)(ii) and has regained status as an eligible savings association pursuant to 12 C.F.R. §5.3.
3. Capital Requirement Relief
The individual minimum capital requirements imposed alongside the 2024 agreement will no longer be enforced, although the bank’s capital levels have consistently exceeded and continue to exceed those regulatory thresholds.