LibertyBank misses state deadline

Eugene-based LibertyBank missed a deadline to shore up reserves with $30 million, but won’t be penalized.

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The state set a deadline for LibertyBank to shore up its reserves, after losing $34 million last year and $6 million in 2008.

LibertyBank missed its $30 million deadline, but the state says it will not penalize the Eugene-based company.

The losses at the Eugene-based bank continued this year with $6.7 million in the first quarter. The second-quarter report is due next week, a bank spokesman said.

LibertyBank is the largest privately owned bank in the state, with assets of $768 million, 213 employees and 16 offices in Oregon. It is owned by CEO Bob Fenstermacher and members of the local Papé family.

Read more at the Register-Guard.