An eight-year enforcement action with a Fort Walton Beach, Fla., banking company has been terminated, the Federal Reserve said Tuesday.
The central bank said it has terminated the action against Beach Community Bancshares, Inc., which owns and controls Beach Community Bank, Fort Walton Beach, Fla., according to the Fed’s 2010 enforcement order.
The company and the Federal Reserve entered into an agreement in 2010 aimed at strengthening the capital of the company and the institution it owns, and to ensure that the bank complies with a March 16, 2010 consent order issued by the Federal Deposit Insurance Corp. (FDIC) and the State of Florida Office of Financial Regulation (FLOFR).
Federal Reserve Board announces termination of enforcement action