WASHINGTON - The Federal Reserve said it has entered into a capital restoration agreement with Ramapo Financial Corp. of Wayne, N.J.
Under the terms of the agreement, Ramapo will neither pay dividends without approval from the Fed and nor increase borrowings or incur any debt, the Fed said.
A capital plan detailing Ramapo's anticipated earnings, the adequacy of its loanloss reserves, and how it will meet regulatory capital standards must be submitted to the Fed within 30 days, the central bank said.
