The Federal Reserve recently announced that it had released five community banks from enforcement actions.
The Fed from Jan. 20 to Feb. 29 terminated written agreements with ColoEast Bankshares in Lamar, Colo.; Community First in Columbia, Tenn.; CSRA Bank in Wrens, Ga.; FMB Equibanc in Statesboro, Ga.; and Valley Bancorp in Brighton, Colo. The moves were listed in a notice on the Fed's website that updated its actions through March 5.
The Fed's June 2012 written agreement for the $756 million-asset ColoEast required it to serve as a source of strength for its Colorado East Bank & Trust subsidiary. ColoEast also was ordered to submit a revised capital plan, and file a report on its cash-flow projections.
ColoEast earlier this month agreed to sell itself to the $1.7 billion-asset Triumph Bancorp in Dallas for $70 million in cash.
Community First, the $468 million-asset holding company for Community First Bank & Trust, was placed under the agreement in April 2012. Community First had been ordered to submit a new capital plan and develop a plan for its uses of cash for debt service and operating expenses.
The August 2010 agreement for the $103 million-asset CSRA required it to serve as a source of strength for First State Bank and restricted it from paying dividends and redeeming stock and debt.
The $175 million-asset FMB Equibanc was hit with the agreement in April 2010, requiring it to serve as a source of strength for Farmers & Merchants Bank and restricting its dividend payments.
Valley Bancorp, the $304 million-asset holding company of Valley Bank & Trust, was required by its August 2009 agreement to submit a cash-flow projections report, and it was also hit with restrictions on dividend payments.