The Federal Reserve Board has ordered Bankers' Bancorp Inc. in Springfield, Ill., and its subsidiary Independent Bankers' Bank, to improve accounting practices.
A cease-and-desist order that the company and its $695 million-asset bank unit got last week cited concerns about questionable transactions, including the sale and repurchase of loans, accounting practices and incomplete record keeping.
Bankers' Bancorp must take several steps to comply with the order, including hiring an independent accounting firm to review its internal controls and retaining a qualified chief financial officer or controller.
