90-day limit: In May, the Federal Deposit Insurance Corporation gave Boise-based Syringa Bank 90 days to beef up its capital levels or face the possibility of putting itself up for sale.
So what happened? Three months later, state regulators say they are pleased with the progress Syringa Bank is making at shoring up its finances. The bank has $10.7 million in an escrow account that it can access when certain conditions are met to help it get rid of problem loans and put more money into the bank. Syringa officials wont say what those conditions are.
Whittling away problems: In the meantime, the bank is reducing the number of problem loans and loans that are not accruing interest both ways that help strengthen the bank.