The Federal Reserve Board has terminated a written agreement with First Bancshares that prevented the Cold Spring, Minn., company from paying dividends without approval.
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The August 2010 agreement also required the $75 million-asset First Bancshares to serve as a source of strength for its bank, First National Bank of Cold Spring. The company could not repurchase stock or increase its debt without approval from the Federal Reserve.
The Federal Reserve said Tuesday that the order was lifted last week.
