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The Federal Reserve Board has issued an enforcement orders against First Security Bank of Malta in Montana that gives the bank 30 days to become adequately capitalized or sell itself to another institution.
June 20 -
U.S. Bank (USB) will have to face a lawsuit alleging that it helped a Ponzi schemer steal hundreds of millions from his clients, a judge ruled Tuesday.
November 7
First Security Bank of Malta in Montana has been freed from a prompt corrective action issued by the Federal Reserve Board.
The
The $33.7 million-asset First Security had a 9.9% Tier 1 leverage ratio and a 19.7% total risk-based capital ratio as of Dec. 31, according to the Federal Deposit Insurance Corp.
First Security's financial position was jeopardized by its former vice president of operations, Rhonda Lee DeVries, who embezzled roughly $3.7 million from the bank between 2001 and 2012. DeVries stole the money in order to pay off credit card debt, according to