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The Fed on Tuesday announced a written agreement with the Fargo, N.D. company. Cornerstone agreed to serve as a source of strength to its $265.4M subsidiary, which has been operating under a consent order with the FDIC since Aug. 23.
June 7 -
Banks got some regulatory relief in 2013 as federal regulators sharply curtailed their issuance of new enforcement actions.
December 27 -
The Federal Reserve Board has ended a regulatory action against PathFinder Bancorp (PBHC) in Lake Oswego, N.Y.
December 5
The Federal Reserve Board has terminated enforcement actions with Cornerstone Holding Co. in Fargo, N.D., and Commerce Bancshares in Catoosa, Okla.
The regulator terminated the actions last month, it said Tuesday.
The 2011 written agreement with Cornerstone required the company to issue periodic progress reports and to seek the regulator's approval before paying dividends or distributions or redeeming stock. The $233 million-asset Cornerstone Bank had a Tier 1 leverage ratio of 11.20% and total risk-based capital of 14.59% as of Sept. 30, according to the Federal Deposit Insurance Corp.
The Fed's 2009 written agreement with Commerce Bancshares required the company to improve the board oversight of its bank, improve its loan-review program, clear bad loans off its books and maintain the required capital ratios, among other stipulations. The $145 million-asset Bank of Commerce had Tier 1 capital of 11.85% and total risk-based capital of 19.29% as of Sept. 30, according to the FDIC.
