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An ongoing tug-of-war between compensation and regulation has spread to retirement packages at community banks after a Michigan company opted to withhold about half of a payout to a retiring executive until an outstanding enforcement action is lifted.
October 12 -
The Federal Reserve Board on Tuesday issued written agreements against three community banks and their parent companies.
November 16
Fentura Financial Inc. in Fenton, Mich., has named new leadership for its board following the resignation of its chairman.
The $301.3 million-asset company said in a regulatory filing Tuesday that Thomas P. McKenney, who has been the vice chairman since 2003, had succeeded Forrest Shook, who stepped down for undisclosed personal reasons. McKenney had been the chairman of Fentura's State Bank.
Fentura tapped Brian P. Petty to succeed McKenney as vice chairman. Petty, who has been a Fentura director for 14 years, was the chairman of State Bank from 2003 to 2009, the company said.
Shook served as Fentura's chairman from 2003 to 2011.
The company has also been operating under a consent order since 2009 and entered into a written agreement with the Federal Reserve last year.