The Federal Reserve on Tuesday announced that it had reached a written agreement with BW Bancorp in Ely, Minn.
BW Bancorp agreed to be a source of strength to the $117.8 million-asset Boundary Waters Bank, which has been operating under a consent order from the Federal Deposit Insurance Corp. since Jan. 27.
The company is also barred from paying dividends or making distributions of interest or principal on subordinated debt and trust-preferred securities without Fed approval, among other requirements.
