The Federal Reserve Board has ended a regulatory action against PathFinder Bancorp (PBHC) in Lake Oswego, N.Y.
The order had been issued in 2009 by the Office of Thrift Supervision, which was eliminated in 2011. The OTS had found that PathFinder had violated regulatory restrictions by accepting dividends and unsecured lines of credit from its banking unit, and ordered the company to pay interest to the bank on any loans or dividends it had accepted. It also prevented the holding company from accepting distributions from the bank without regulatory approval.
The Fed terminated the order Nov. 28.
Separately, the $493 million-asset PathFinder said in a regulatory filing Wednesday that it bought a local insurance agency, the Fitzgibbons Agency, for about $424,000. The acquisition closed Dec. 1.
PathFinder held Tier 1 capital of 8.99% and total risk-weighted assets of 14.16% as of Sept. 30, according to the Federal Deposit Insurance Corp.