The Federal Reserve Board on Tuesday announced enforcement actions against two banks.
The Fed issued a prompt corrective action directive on Thursday to First Chicago Bank and Trust. The directive gave the $1 billion-asset bank's parent company, First Chicago Bancorp, 60 days to become adequately capitalized, which could include selling stock or selling itself.
The Fed also reached a written agreement with CenterBank Inc. in Jacksonville, Fla. The company agreed to be a source of strength to its $173.8 million-asset bank, which has been operating under a formal agreement with the Office of the Comptroller of the Currency since December.
CenterBank was also barred from paying dividends or issuing debt without Fed approval, among other conditions.
