Fed terminates action against MD bank holding company

A supervisory agreement entered into in May 2010 over unsafe and unsound “and/or violations of law or regulation” by Presidential Holdings Inc., Bethesda, Md., was terminated Tuesday by the Federal Reserve Board.

The supervisory agreement was entered into between the company and the former Office of Thrift Supervision (OTS) and cited findings in the agency’s September 2009 report of examination. The agreement focused on the firm’s own practices and on ensuring that Presidential Bank, FSB, complied “with applicable laws, rules, regulations, and agency guidance and all the terms” of its own agreement with the regulator.

Federal Reserve Board announces termination of enforcement action with Presidential Holdings, Inc.