WAYNE, N.J. - Ramapo Financial Corp. said it entered ail agreement with the Federal Reserve Bank of New York governing certain of its financial transactions.
The company, which has $257 million of assets, said the agreement forbids it to pay any dividends, redeem or repurchase stock, incur any additional debt, or make any unusual payments without prior approval of the Fed.
The agreement also requires Ramapo to file certain capital, liquidity, and operating plans and cash-flow projections with the New York Fed, to examine executive compensation, and to appoint a committee of outside directors to monitor compliance with the agreement.
The company said the pact was entered "with the common goal of restoring and maintaining the financial soundness" of Ramapo Financial.
The company said its nonperforming assets stand at $35.9 million, down from $49.4 million on June 30.