WASHINGTON — Federal banking regulators have reached an agreement with Amboy Bancorporation through which the New Jersey bank has pledged to take actions aimed at strengthening its capital position.
The bank has agreed to submit to the U.S. Federal Reserve plans through which it will strengthen oversight, operations and credit risk management practices. Additionally, the bank has agreed to employ strict lending standards, devise a strategy for maintaining sufficient capital and create a plan to boost earnings and internal budgeting.
Like other banks facing supervisory scrutiny, Amboy also is prohibited from paying dividends without prior approval.
Amboy is a subchapter S corporation operating Amboy Bank's 24 New Jersey locations. The bank reports it has total assets of more than $2.6 billion.