US Fed Reaches Deal With Omni Financial Services On Capital Plan
March 17 2009 - 3:30PM
Dow Jones News
The U.S. Federal Reserve on Tuesday announced it has reached a
written agreement with Omni Financial Services Inc. that requires
the company to devise a plan to boost its capital ratios and those
of a small Georgia bank it controls.
Omni is the parent of Atlanta-based Omni National Bank.
Under the agreement, the Fed also is requiring Omni to provide
monthly progress reports and to seek approval for dividend payments
and the reimbursement executive expenses of more than $500 a
month.
Shares of Omni Financial once traded on the Nasdaq, but the
company was delisted in September.
-By Meena Thiruvengadam, Dow Jones Newswires; 202-862-6629;
meena.thiruvengadam@dowjones.com