The Federal Reserve on Tuesday announced three written agreements.
First National Bank Group Inc. in Edinburg, Texas, agreed to support its $3.8 billion-asset First National Bank, which has been operating under a consent order with regulators since Feb. 8.
The company was barred from paying dividends without Fed approval, and it must provide regulators with a 2011 projection of cash flows, among other things.
Virginia Community Bankshares Inc. in Louisa agreed to support its $225 million-asset Virginia Community Bank.
The company agreed to provide regulators with a written plan to improve board oversight, along with a written management plan.
Virginia Community was also instructed to provide regulators with timely notification should any of its major capital ratios drop below minimum standards.
Belt Valley Bank in Belt, Mont., agreed to provide the Fed with written plans to maintain sufficient capital and to strengthen board oversight, including the creation of a compensation committee.
The $64.8 million-asset bank also agreed to draft a written plan to strengthen credit risk management practices and a separate plan outlining how to grade its loan portfolio.