An enforcement action imposed in May 2003 against Brickyard Bancorp, Inc., of Lincolnwood, Ill., has been terminated, the Federal Reserve announced Tuesday. The enforcement agreement, signed by the holding company for Brickyard Bank – a state-chartered nonmember bank – and the Federal Reserve Bank of Chicago, required Brickyard Bancorp to:
- submit a plan to achieve and maintain sufficient capital;
- not take on new debt without prior Fed approval;
- reimburse Brickyard Bank for the amount of tax refunds and loss carrybacks due for the years 2000 up but retained by the holding company;
- submit a tax allocation plan;
- comply with Federal Deposit Insurance Act (FDI Act) notice rules set by the Federal Reserve Board regarding the appointment of new directors or officers; and
- comply with FDI Act restrictions set by the Federal Deposit Insurance Corp. (FDIC) on indemnification and severance payments.
Federal Reserve Board announces termination of enforcement action with Brickyard Bancorp, Inc.