The Federal Reserve on Thursday released information on written agreements with five banking companies.
Metropolitan Bank Group Inc. agreed to be a source of strength to four of its Chicago-area banks, which have a combined $2.9 billion of assets. The banks have been operating under consent orders from regulators since January.
HCSB Financial Corp. in Loris, S.C., agreed to be a source of strength to its $656.4 million-asset Horry County State Bank, which has operated under a consent order from regulators since February.
Mid-Wisconsin Financial Services Inc. in Medford, Wis., agreed to serve as a source of strength to its $498.6 million-asset Mid-Wisconsin Bank, which has operated under a consent order with regulators since November.
Liberty Shares Inc. in Hinesville, Ga., as part of its written agreement, will serve as a source of strength to the $389.4 million-asset Heritage Bank, which entered into a consent order with regulators in December.
Finally, Johnson Financial Group Inc. in Racine, Wis., agreed to serve as a source of strength to the $4.52 billion-asset Johnson Bank.
Each company agreed to prohibitions on paying dividends or issuing debt without regulatory approval. They also agreed to submit capital plans, among other things.
