The Federal Reserve Board reached written agreements with five community banks Thursday.
Boscobel Bancorp Inc. in Wisconsin agreed to be a source of strength to the $244.4 million-asset Community First Bank. Boscobel agreed to file plans to improve board oversight and credit risk management. Boscobel is barred from paying dividends without Fed approval.
Capital Commerce Bancorp Inc. in Milwaukee, the parent of Securant Bank and Trust, agreed to be a source of strength to the $248.1 million-asset bank and cannot pay dividends without Fed approval. Capital also agreed to provide the Fed with quarterly cash-flow projections.
The Fed's agreement with Foundation Bancorp Inc. in Bellevue, Wash., requires cash-flow projections, a ban on dividends without Fed approval, and a requirement that the company serve as a source of strength to the $434.9 million-asset Foundation Bank.
Metropolitan Bank Holding Corp. in New York must submit a capital plan to regulators. The company is barred from paying dividends and must serve as a source of strength to the $600.3 million-asset Metropolitan National Bank.
Prairie Star Bancshares Inc. in Olathe, Kan., agreed to provide the Fed with cash-flow projects, avoid paying dividends without regulatory approval and serve as a source of strength to the $100.1 million-asset Bank of the Prairie.
