The Federal Reserve Board has entered into a written agreement with NASB Financial (NASB) that requires the Grandview, Mo., company to serve as a source of strength to its bank.
The $1.2 billion-asset parent of North American Savings Bank was barred from declaring and paying dividends, or repurchasing stock, without Fed approval. NASB also has to submit a statement with planned sources and uses of cash for debt service, operating expenses and other purposes for next year.
North American Savings entered into a consent order with the Office of the Comptroller of the Currency in May.
NASB entered into the agreement last week but the Fed announced it Tuesday.
