The Federal Reserve announced an enforcement action Monday against First Banking Center Inc. to ensure that the bank is adequately capitalized.
Declaring the Burlington, Wis., bank "significantly undercapitalized," the Fed laid out actions the state-chartered bank must take promptly to address its financial shortfalls.
Within 60 days, the $868 million-asset institution must act to become adequately capitalized, possibly by selling itself to another institution or increasing its equity through the sale of shares, the Fed said.
Meanwhile, it faces restrictions on dividend payments and other capital distributions, as well as on accepting new deposits.
