FDIC Ends Order Against Metro Bank in Pennsylvania

The Federal Deposit Insurance Corp. has lifted a consent order against Metro Bank related to the bank's anti-money laundering and Bank Secrecy Act programs.

The April 2010 order required Metro, a unit of the $2.4 billion-asset Metro Bancorp (METR) in Harrisburg, Pa., to improve oversight of its Bank Secrecy Act policies and ensure that it had the appropriate staff in place to monitor compliance. The Pennsylvania Department of Banking terminated a similar order in April.

Terminating the order shows that Metro complies with all regulatory requirements, Gary Nalbandian, the bank's president and chief executive, said in a press release Tuesday.

"Many of our team members have worked countless hours to ensure we have a first-class AML/BSA program," he said. "As we continue to grow the bank and expand our footprint, maintaining a strong compliance culture will remain a top priority."

Metro had entered into a consent agreement with the FDIC in September to pay $1.5 million to settle claims that it violated the Bank Secrecy Act.

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Community banking Law and regulation
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