WASHINGTON — The Federal Reserve is calling on a Virginia bank to develop survival plans to shore up that bank's financial condition and operations, according to a Fed enforcement action released Tuesday.

Frank Miller, chairman of the board of directors for the Virginia Business Bank, agreed to submit written plans to the Fed and the Virginia Bureau of Financial Institutions detailing how the board plans to enhance its oversight of the bank while also retooling its operations.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.