The Federal Reserve on Monday announced it has taken enforcement action against banks in Montana and Florida.
In the first action, the Fed ordered Lake County Bank in Saint Ignatius, Mont., to devise a plan to strengthen the oversight by its board and its risk-management practices. It also must come up with a program to improve its internal review and grading of its loan portfolio and a plan to bolster earnings.
The other enforcement action was taken against Paradise Bank in Boca Raton, Fla. Under its agreement with the Fed, Paradise Bank must create a plan to improve its management and operations and credit risk management practices, among other things.