Fed Orders Pacific State, Mercantile Bancorps To Boost Capital

Date : 02/24/2010 @ 11:31AM
Source : Dow Jones News

Fed Orders Pacific State, Mercantile Bancorps To Boost Capital

Pacific State Bancorp (PN) (USOTC:PSBC)
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In separate enforcement actions released Wednesday, the U.S. Federal Reserve is ordering Stockton, Calif.-based Pacific State Bancorp (PSBC) and Quincy, Ill-based Mercantile Bancorp (MBR) to submit plans aimed at maintaining sufficient capital.

The Fed also is prohibiting both companies from paying dividends or issuing new debt without its prior approval.

Additionally, the Fed is requiring Pacific State to submit a plan to strengthen its management of credit risk and to submit a business plan aimed at boosting the bank's earnings and overall financial condition.

-By Meena Thiruvengadam, Dow Jones Newswires; 202-862-6629; meena.thiruvengadam@dowjones.com

 
 

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