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NASB Financial Announces Consent Order

NASB Financial, Inc. (NASB) said Friday that its subsidiary institution, North American Savings Bank, F.S.B. has agreed to a Consent Order with the Office of the Comptroller of the Currency, the Bank's primary regulator.

The Consent Order replaces and terminates the previous Supervisory Agreement the Bank had entered with the Office of Thrift Supervision, the Bank's previous federal regulator.

The Consent Order requires that the Bank establish various plans and programs to improve the asset quality of the Bank and to ensure the adequacy of allowances for loan and lease losses. The Consent Order also requires the Bank to obtain an independent assessment of its allowance for loan and lease losses methodology, to conduct independent third-party reviews of its commercial and construction loan portfolios and to enhance its credit administration systems.

Among other items, it also requires that the Bank's written capital maintenance plan will contain objectives that ensure the Bank's Tier 1 leverage capital remains equal to or greater than 10% of adjusted total assets and that the Bank's risk-based capital remains equal to or greater than 13% of risk-weighted assets. As of March 31, 2012, the most recent quarter-end, the Bank's actual Tier 1 leverage ratio and risk-based capital ratio were well above these levels at 13.5% and 16.5%, respectively.

The Consent Order does not direct the Bank to raise capital, make management or board changes, or restrict lending.

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