The bank was accused of issuing loans without verifying income or assets, among other things. The problems were mainly in the bank's development, construction and land loans.
Morrison said in the interview that the bank his grandfather started 53 years ago was in no danger.
"Certainly we will come out of the [cease-and-desist], and we're in full compliance," Morrison said.
Tucker said a possible acquisition of Suburban is in the "very preliminary stages." He said Aegon has not submitted an offer to buy Suburban or come up with a price tag. He said it is still unclear whether Aegon would be eligible for the federal assistance.
"We're looking at the program to see if we're eligible for it," Tucker said. "Maybe we will, or maybe we're not. We think it's prudent in this environment to pursue all avenues."
He said Aegon chose Suburban because of its location.
"Obviously, the fact that we have a large Maryland presence would have factored into us considering this one," Tucker said.
Tucker said it is unclear how Suburban Federal's financial problems might play into the deal. He was unsure when federal regulators would make a decision on whether to allow an acquisition but said Aegon would have to own a thrift by the end of the year to qualify for financial assistance.
Morrison said this month that the thrift has complied with requirements from the thrift supervision office, including reducing the risky loans by 50 percent.
Morrison said the bank's problems came with the decline in the housing market. He said both developers and individual homeowners defaulted on loans.
He said the bank is an institution with many loyal, local customers.
"We like being a community bank," he said. "We like to serve the people in our neighborhood and do the same thing we've been doing for years."
