The Federal Reserve announced enforcement actions Thursday against Coast Bancorp of San Luis Obispo, Calif., that the Fed said are intended to help maintain financial soundness at the company.
Under a written agreement, the $154 million-asset company cannot declare or pay any dividends without prior approval from the Fed.
The company cannot take dividends or any other form of payment that would represent a reduction in capital from its bank subsidiary, Coast National Bank. It also must submit to Fed officials a written plan to maintain sufficient capital.
