OCC Takes Action Against Missouri Bank

The Office of the Comptroller of the Currency has taken action against a Missouri bank and freed four others from regulatory actions.

The OCC announced a cease-and-desist order with First National Bank in Camdenton, Mo., on Friday. The order, which replaces a 2010 action, requires the $262 million-asset bank to create a compliance committee, fix deficiencies in its core-processing system and submit plans of compliance with consumer-protection laws and the Bank Secrecy Act.

The order also requires First National to hold Tier 1 capital of at least 10% and total risk-based capital of at least 13%. The bank's ratios were 16.09% and 36.70%, respectively, on April 24, according to the Federal Deposit Insurance Corp.

The OCC also announced the termination of enforcement actions with four lenders: Fidelity National Bank in West Memphis, Ark.; Lake City Federal Bank in Lake City, Minn.; Metropolitan National Bank in New York, N.Y.; and Herald National Bank in New York, N.Y.