The Federal Reserve Board on Tuesday announced written agreements with two banks.
Pembina County Bankshares Ltd. in Cavalier, N.D., agreed to be a source of strength to the $146.4 million-asset Citizens State Bank-Midwest, which has been operating under a consent order with the Federal Deposit Insurance Corp. since September 2010. Pembina is barred from paying dividends or paying principle or interest on trust-preferred securities or subordinated debt without regulatory approval.
Tonganoxie Bankshares Inc. in Kansas agreed to be a source of strength to the $289.9 million-asset First State Bank and Trust, which has operated under a consent order with the FDIC and the bank's state regulator since December 2010. Tonganoxie is also prohibited from paying dividends or paying principle or interest on trust-preferred securities or subordinated debt without regulatory approval.
