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BankFirst, which is chartered in Sioux Falls., S.D. but is ownesd by Minneapolis-based holding company and maintain its executive team in theTwin Cities, has been issued a “Prompt Corrective Action Directive” by the Fed, which made the announcemeng Wednesday. The bank has until July 15 to increase equity through the sale of shares or contribution to or sell itself to another bank or groupoof individuals. The bank did not immediatel respond to requests for BankFirst the Federal DepositInsurancre Corp. list of Twin Cities banksd suffering firstquarter losses. The bank lost $14.4 million in the first quarter — and had $18.
3 million in loans that were between 30 and 90 days past due on its balance BankFirst entered into a written agreement with the Federal Reserve Bank in 2007 to clea n up itsloan underwriting. The Federal latest order also includesw additional restrictions onthe bank’s including the compensation of seniorr executive officers.
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