Kentucky First Federal Bancorp enters written agreement with OCC; bank deemed 'troubled condition'

Kentucky First Federal Bancorp

OCC found unsafe/unsound practices in strategic planning, budgeting, succession planning, liquidity & interest rate risk management.
Bank must adopt revised strategic plan, succession plan, liquidity program, and IRR program within 30-90 days.
OCC imposed minimum capital ratios (CET1≥9%, Tier1≥11%, Total≥12%, Leverage≥9%); all currently met.
Bank designated as in 'troubled condition' under 12 CFR §5.51, limiting certain activities.
Current capital ratios as of June 30, 2024: CET1 16.25%, Tier1 16.25%, Total 16.25%, Leverage 10.24%.

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