Capital Briefs: FDIC Stops Y2K Actions Against 3 Ga. Units

The Federal Deposit Insurance Corp. announced Wednesday that it had terminated year-2000 cease-and-desist orders against three subsidiaries of a Georgia holding company, Putnam-Greene Financial Corp. of Eatonton, effective May 28.

The 23-page orders, filed in November 1997, accused $106 million-asset Farmers and Merchants Bank in Eatonton, $52 million-asset Farmers Bank in Union Point, and $71 million-asset First Bank of Coastal Georgia in Pembroke of operating with "inadequate and unreliable electronic information systems" and lacking proper management and audit routines.

An FDIC spokesman said the banks "met the conditions specified." He said this does not necessarily mean the banks have achieved a "satisfactory" year-2000 rating.