The Federal Reserve Bank of Cleveland has lifted its 4-year-old enforcement order against Citizens Deposit Bank of Vanceburg, Ky.
In 2000 the $89 million-asset subsidiary of Premier Financial Bancorp Inc. of Huntington, W.Va., was ordered to its strengthen its management and improve its internal controls.
The $551 million-asset Premier announced the termination of the order late Wednesday, roughly two months after the Federal Deposit Insurance Corp. lifted an agreement with another Premier unit in Kentucky, the $23-million-asset Bank of Germantown. Mike Mineer, Citizens' president, said that with both of those agreements out of the way, Bank of Germantown would soon merge into Citizens Deposit.
Farmers Deposit Bank in Eminence, Premier's third Kentucky unit, is operating under a December 2003 cease-and-desist order from the FDIC. Premier has three other subsidiaries, two in West Virginia and one in Ohio. Those units are free of regulatory problems.
