The Federal Reserve Board entered into a written agreement with Cornerstone Bancorp that requires the St. Petersburg, Fla., company to serve as a source of strength for its bank.
The agreement also prevents the $244 million-asset Cornerstone from declaring or paying dividends or repurchasing stock without permission.
Cornerstone entered into the agreement on Monday and the Federal Reserve made it public on Thursday.
The Federal Reserve also said Thursday that it terminated written agreements with Community National Bancorporation in Waterloo, Iowa; Heritage Oaks Bancorp (HEOP) in Paso Robles, Calif.; and Omega Capital in Centennial, Colo. Those agreements were all date to 2010.
