The Federal Deposit Insurance Corp. made public today that it has lifted a cease-and-desist order against United Bank and Trust Co. of New Orleans that had been in place since February 2007. The action was taken in November. In the interim, Liberty Bank acquired United Bank, which consisted of three branches -- New Orleans, Algiers and Opelousas -- when the deal was announced in February 2009. The Opelousas branch has since been closed.
The Federal Deposit Insurance Corp. has issued a cease and desist order to Covington-based Statewide Bank. The bank consented to the March 25 issuance of the order "solely for the purpose of this proceeding and without admitting or denying the alleged charges of unsafe or unsound banking practices and violations of law and/or regulations," the order says.
A federal regulator has issued a cease-and-desist order against Wawel Bank, requiring the Wallington-based lender to improve its management of problem loans and establish conflict-of-interest policies in line with industry standards. The enforcement action issued Oct. 26 "supersedes and terminates" a cease-and-desist order issued last year against Wawel by the bank's former regulator, the Office of Thrift Supervision -- which was consolidated into the Office of the Comptroller of the Currency in July, as part of the Dodd-Frank financial reforms.
State and federal banking regulators are putting some heavy restrictions on Temecula Valley Bank so it won't slide into financial ruin. On Wednesday, Temecula Valley Bancorp - the parent of the bank - said the bank agreed to a cease-and-desist order issued by the Federal Deposit Insurance Corp. and California Department of Financial Institutions, which mandates the bank abide by numerous management and lending rules.
Troubles continue to mount for Rockville-based Colombo Bank as federal regulators have now issued a second cease-and-desist order related to the bank's operation. The bank is already facing a June hearing for its loan practices. Regulators from the Office of Thrift Supervision issued the latest cease-and-desist order -- one of the strongest enforcement actions the agency can take -- on Friday against Colombo Bancshares Inc. the holding company of Colombo Bank.
Federal bank regulators have placed Rockville-based Colombo Bank under supervision after the institution participated in "unsafe or unsound banking practices and violations of law and regulation. The Office of Thrift Supervision issued the cease and desist order, among the strongest enforcement actions the agency can take, Wednesday based on findings from a March 23 examination of the bank.
A month later, the OTS changed the bank's classification to "adequately capitalized" from "well-capitalized" and then handed the bank, which has some $14 billion in assets, a cease-and-desist order, which prevents payments from the bank to the holding company, limits cash dividends and asset growth and imposes other restrictions.
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