The Federal Reserve Board on Tuesday issued written agreements against three community banks and their parent companies.
The Fed entered into a written agreement with the $449.4 million-asset Fentura Financial Inc. It ordered the Fenton, Mich., company to take the appropriate steps to ensure that West Michigan Community Bank complies with a Feb. 19, 2009, cease-and-desist order.
The Fed's agreement with First Personal Financial Corp. of Orland Park, Ill., requires the company to take steps to ensure that the $179.8 million-asset First Personal Bank complies with a March 30 consent order.
Finally, an agreement with Valley Community Bancorp Inc. in St. Charles, Ill., requires the company to assist the $136.1 million-asset Valley Community Bank with compliance under an April 29 consent order.
Each company was barred from paying dividends or paying principal on subordinated debt and trust-preferred securities without Fed approval.