Fed Issues Enforcement Actions Against Two Bank Holding Firms

Date : 09/14/2010 @ 11:30AM
Source : Dow Jones News
Stock : (MM) (FSGI)
Quote : 2.35  0.0 (0.00%) @ 2:05AM

Fed Issues Enforcement Actions Against Two Bank Holding Firms

First Security (NASDAQ:FSGI)
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The U.S. Federal Reserve issued Tuesday enforcement actions against bank holding companies First Security Group, Inc. (FSGI) and Butte State Company, moves taken to maintain financial soundness at the firms, according to the Fed.

According to the agreement, Tennessee-based First Security cannot declare or pay any dividends without prior written approval from the Fed. The firm, which owns and controls FSGBank, must also submit within 60 days a plan to maintain "sufficient capital" on a "consolidated basis," among other restrictions.

Additionally, Butte State must adhere to similar guidelines. The Fed has called on the Nebraska-based financial firm to shore up its lending and credit administrative processes. Butte State must submit a plan to the Fed within 30 days of the issued agreement.

Among other actions, Butte State must "take all necessary steps to elect a qualified outside director with banking or financial experience" to head its subsidiary, Butte State Bank.

-By Darrell A. Hughes, Dow Jones Newswires; 202-862-6684; darrell.hughes@dowjones.com

 
 

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