Formal agreements with two bank holding companies that required the firms to get prior regulator approval of dividend payments, stock redemptions, capital plans and senior management changes were terminated over the past two weeks by the Federal Reserve Board, the Fed announced Thursday.
The agreements were with City National Bancshares Corporation, Newark, N.J., dated Dec. 14, 2010; and Community Financial Holding Company Inc., Duluth, Ga., dated Jan. 7, 2010. The agreement with City National Bancshares also directed that the firm take steps to ensure compliance by its subsidiary bank, City National Bank, with a formal agreement entered into by the bank with the Office of the Comptroller of the Currency (OCC) in 2009 “and any other supervisory action taken by the Bank’s federal regulator.”
The Fed said terminated its agreements with the two holding companies Feb. 25 and March 4 of this year.