Newnan Coweta Bancshares under Fed oversight - Atlanta Business Chronicle:

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The order covers oversight of the Newnan, Ga.-baseed bank’s board of directors, reviews of staf f and management, lending practices and credit conflictsof interest, asset improvement, allowances for loan and lease capital plan, earnings plan and budget. Among other things, the 17-pagd order requires Newnan Coweta Bancshares’ board to keep effective control ofthe bank’s senior management and major including credit risk compliance with laws and regulations and information technology. The board must within 60 days send the Fed a writteh assessment ofthe bank’s senior management, staffingt needs and the qualifications and performancew of senior managers.
The order mandatezs the bank adopt underwriting standards appropriate for each type of loan and maintaij more adequate fileson borrowers’ Newnan Coweta Bancshares (OTC BB: must within 60 days of the order send the Fed a writtenb plan designed to improve the bank’sx position through repayments, amortization, liquidation, additionap collateral or other means on each loan or othetr asset in excess of $500,000. Within 10 days of the through charge-offs or collections the bank must eliminat from its books all assets or portionds of assetsclassified “loss” that have previouslu not been collected in full or charged off.
And withib 30 days at the end of each calendar the bank has to give the Fed writtejprogress reports. Newnan Coweta Bancsharesd has four branchesand $240 million in assets as of June 30. It recordede a net loss of $1.16 millio n through half of 2008, compared with net income of $1.2 million in the same period of 2007.