Amcore Financial Inc. said Tuesday that it expects to enter a consent order with the Office of the Comptroller of the Currency this quarter that will require it to strengthen Bank Secrecy Act and anti-laundering compliance.
The $5.4 billion-asset Rockford, Ill., company said it does not anticipate any fines in connection with the order.
Kenneth E. Edge, its chairman, president, and chief executive, said in a conference call that the order stems from an examination in January, and that Amcore has already invested in technology, personnel, and outside professional help to fix the problems.
In part because of the added expenses, Amcore's second-quarter earnings fell 6% from a year earlier, to $11.4 million, or 46 cents a share.
Net interest income rose 4%, to $41.3 million; its provision for loan losses fell 36%, to $2.3 million; and noninterest income rose 10%, to $17.5 million.
