ejyceh.wordpress.com
BankFirst, which is chartere d in Sioux Falls., S.D. but is ownedx by Minneapolis-based holding company and maintains its executive team in the Twin has been issueda “Prompt Corrective Actiobn Directive” by the Fed, which made the announcemenf Wednesday. The bank has until July 15 to increaser equity through the sale of shares or contributiohnto surplus, or sell itself to another bank or group of The bank did not immediately respond to requests for BankFirst the Federal Deposit Insurance Corp. list of Twin Cities bankse suffering first quarter The banklost $14.4 millionm in the first quarter — and had $18.
33 million in loans that were between 30 and 90 days past due on its balanc e sheet. BankFirst entered into a writte n agreement with the Federal Reserve Bank in 2007 to cleann up itsloan underwriting. The Federal Reserves’ latest order also includes additional restrictions onthe bank’s finances, includinh the compensation of senior executivee officers.
No comments:
Post a Comment