Pacific State Bancorp (PN) (USOTC:PSBC)
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5 Years : From May 2012 to May 2017
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; firstname.lastname@example.org