Columbia Bank in Maryland was ordered to strengthen several aspects of its Bank Secrecy Act compliance program. The $2 billion-asset bank, in a supervisory agreement that it made public in December, must appoint anexecutive to oversee anti-money-laundering procedures and ensure that its board increases oversight of compliance issues.
Columbia is the fourth bank owned by the $17 billion-asset Fulton Financial in Lancaster, Pa., to be hit with a BSA-related enforcement action.
The $522 million-asset Seaway Bank and Trust in Chicago has to raise its Tier 1 capital to at least 8% and risk-based capital to at least 12%. Additionally, the FDIC directed the bank to strengthen its BSA compliance program and reduce its risk position in assets above $500,000. Seaway made the corrective action public in January.
International Bank in Raton, N.M., must increase its Tier 1 leverage capital ratio to 9%. The $292 million-asset bank must also raise its Tier 1 risk-based capital to 13% and total risk-based capital to 15%. Additionally, it was ordered to make a $1.3 million provision for loan losses.
Sage Bank in Lowell, Mass., has to adopt a new capital plan that raises its Tier 1 leverage capital to 8% and risk-based capital to at least 11%. The $208 million-asset bank is also prohibited from growing by more than 5% per quarter.
The $31 million-asset Louisa Community Bank must strengthen its anti-money-laundering procedures and establish a customer-due-diligence program. The Louisa, Ky.-based bank's board has to strengthen its oversight activities, and a succession plan for executives has to be established.
Additionally, the FDIC terminated consent orders for the following banks: VistaBank in Aiken, S.C.; Signature Bank of Arkansas in Fayetteville, Ark.; Golden Eagle Community Bank in Woodstock, Ill.; Community State Bank in St. Charles, Mich.; Wilmington Savings Bank in Wilmington, Ohio; Legacy Bank of Florida in Boca Raton, Fla.; Premier Community Bank in Marion, Wis., and Village Bank in St. Francis, Minn.
The agency also terminated a cease-and-desist order for Business Bank in Burlington, Wash.