The Federal Reserve Board has cracked down on a Texas community bank over year-2000 concerns.

Under an agreement made public last week, Wellington (Tex.) State Bank must complete testing by June 30 and appoint a senior manager to be responsible for year-2000 readiness.

The pact, entered into May 12, did not specify in what way Wellington State had fallen short. Calls to the $107 million-asset bank seeking further information were not returned.

The agreement also requires the bank to compile a list of customers that may not be ready for the year-2000 change, and to submit a contingency plan to the Dallas Fed.

Wellington State's board also agreed to meet monthly to review progress, and to submit the minutes of those meetings for review.

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