The Federal Deposit Insurance Corp. and the state Banking Department have terminated a July 1994 memorandum of understanding against Farmers and Mechanics Bank.

The termination follows efforts by the savings bank to cut nonperforming assets, improve credit quality, and reduce expenses.

Farmers and Mechanics also announced that its president and chief executive, John F. Beckert, had been named a silver winner in the financial category of Financial World's 1996 CEO of the Year Award. Financial World, a weekly business publication, has presented the awards for more than 20 years.

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