A California bank has agreed to submit a plan to the Federal Reserve that would strengthen oversight of its operations.
The Fed on Tuesday released an agreement with 1st Pacific Bancorp of San Diego, and the company's subsidiary, 1st Pacific Bank of California.
The agreement calls for the bank's board of directors to submit a plan to strengthen board oversight of management and operations of the bank.
The plan must include actions the board of directors will take to improve the bank's condition, according to the Fed.
