Woodforest National Bank Reaches Agreement With Office of Comptroller of the Currency Related To Overdraft Protection Programs and Customer Rebates

Woodforest National Bank said today that it has reached agreement with the Office of the Comptroller of the Currency (OCC) addressing certain aspects of the Bank’s overdraft protection programs, as well as rebates to some customers who have made use of overdraft protection services. The OCC is the government agency that regulates nationally chartered banks.

“At Woodforest, we have always focused intensely on providing services that are very customer-friendly, and in line with or better than standard industry practices,” said Robert E. Marling, Jr., Chief Executive Officer of Woodforest National Bank.

“While we believe that Woodforest has complied with applicable laws and regulations, we have agreed to the settlement terms with the OCC to avoid a protracted, costly, and distracting legal dispute, which would not have been in the best interests of our customers, employees, and shareholders,” he continued. “We are glad to be able to put this issue behind us and focus all our attention and abilities on serving customers well. Woodforest National Bank continues to remain financially sound, profitable, and well-capitalized.”

The company has established a toll-free telephone number that customers may call for information about the Customer Rebate program. The number is 877-554-3297.

Woodforest National Bank serves customers across Texas, Illinois, Indiana, Maryland, North Carolina, Ohio, Pennsylvania, Virginia, and West Virginia.