The financially strapped parent company of John Hanson Savings Bank FSB said yesterday that it expects to be unable to raise $10 million by year-end and will not meet capital requirements as planned under an agreement with federal regulators.
The Beltsville-based thrift, with 15 branches and $875 million in assets, said it would continue its attempts to raise the additional funds "from all viable sources" and that it was working closely with the Office of Thrift Supervision, the federal agency that oversees the nation's savings and loan industry.
"We have advised the OTS of our situation," said Jeff C. Wahlbrink, spokesman for the holding company, John Hanson Bancorp Inc. "They are aware of where we are and we are continuing to work to maintain those requirements."
It remained unclear yesterday what, if any, consequences would result from the missed deadline.
But Richard M. Riccobono, deputy regional director for supervision at the Atlanta office of OTS, while declining to discuss John Hanson's case specifically, said that missing a deadline contained in a capital plan was not uncommon. The thrift would need to file an amended plan containing a revised schedule and the OTS would continue working to see that the goals were achieved, he said.
The deadline for raising an additional $10 million in capital stems from an agreement reached between John Hanson and regulators in July that sought to revive the thrift's financial health. The company, which formed its holding company Oct. 31, originally planned to have the parent company sell subordinated debt to raise the additional cash.
It later said, however, that it would examine a number of options, including the sale of stock, the sale of debt or a capital infusion from another institution.
John Hanson currently meets only one of the three capital ratios set by the OTS. At the time the capital infusion plan was reached, John Hanson met two of the three requirements but would have fallen about $10 million short on the third when new capital levels take effect Jan. 1.