The Federal Reserve Board said Thursday it reached a written agreement with Intervest Bancshares Corp. of New York.

The $2.1 billion-asset company agreed to be a source of strength for Intervest National Bank. The bank entered into a formal agreement with the Office of the Comptroller of the Currency on Dec. 9.

Intervest Bancshares was also prohibited from paying dividends or making distributions tied to subordinated debt and preferred securities without Fed approval.

The company also has 90 days to provide the Fed with cash flow projections for 2011.

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