community bank and its holding company until Monday to revise their lending practices and develop new ways to identify problem credits.
The Chicago Fed disclosed Friday that in early August it signed a regulatory agreement with $70.7 million-asset First Security Bancshares of Lake Park and a subsidiary, Security State Bank of Milford.
The agreement ordered the bank to: charge off or collect its losses by Aug. 16; correct all credit-information deficiencies, which were identified by Iowa's bank examination division, before Oct. 20; and review and report any management changes to federal regulators by Monday.
A Security State employee who answered the bank's phone on Monday said that Robert Goeken, who was identified in the Federal Reserve agreement as the bank's president and chief executive officer, was no longer with the bank. Messages for other bank officials were not returned. -- Craig Woker