Fed Hits Baraboo in Wisconsin with Enforcement Action

The Federal Reserve Board has hit a Wisconsin bank with an enforcement action, while lifting actions against two others.

The Fed entered a written agreement with Baraboo Bancorp requiring the company to submit a plan to hold adequate capital and barring it from taking on debt or paying dividends without approval. The $701 million-asset lender had a Tier 1 leverage ratio of 8.21% and risk-based capital of 12.67% at March 31, according to the Federal Deposit Insurance Corp.

The Office of the Comptroller of the Currency initiated a consent order with Baraboo's bank in January, requiring it to appoint a compliance committee and raise capital levels.

The Fed also said Thursday that it terminated written agreements with Harbor Bancshares in Baltimore and NorCal Community Bancorp in Alameda, Calif.

Harbor's 2010 agreement prevented the $261 million-asset company from paying dividends or issuing debt. Harbor's bank had a Tier 1 leverage ratio of 7.56% and risk-based capital of 12.42% at March 31, according to the FDIC.

NorCal Community Bancorp's 2010 agreement prevented it from paying dividends or redeeming its stock and required it to issue regular progress reports. Norcal's $264 million-asset Bank of Alameda had a Tier 1 leverage ratio of 12.19% and total risk-based capital of 18.3% at March 31, according to the FDIC.