The Federal Reserve Board said First Western Bank of Cooper City, Fla., has agreed to withhold dividend payments, create a capital-adequacy plan, and refrain from purchasing indirect car loans.
The concessions settle charges by the Fed and the Florida banking commissioner that the bank was operating in an unsafe and unsound manner.
The bank did not admit to any wrongdoing.
Also on Tuesday, the Fed banned a former BancFirst Corp. employee from the industry. The Fed said Patricia Hand allegedly misappropriated funds from the Oklahoma City institution. Ms. Hand, without admitting guilt, agreed not to work at a bank or serve on a bank board. - Jaret Seiberg