US Fed Restricts Two Banks, One Of Which Received Bailout Funds
28 Giugno 2010 - 5:51PM
Dow Jones News
A New York bank that received $7.5 million in government bailout
funds has been ordered not to pay dividends or incur new debt
without the Federal Reserve's approval.
The Fed on Monday released a written agreement imposing the
restrictions on BNB Financial Services Corp. (BNBF). The agreement
also requires BNB, which runs BNB Bank in Fort Lee, N.J., to
provide the central bank with regular progress and cash flow
reports.
BNB is among dozens of so-called healthy banks that received
money from the government's Troubled Asset Relief Program and are
the subject of enforcement actions by banking regulators.
Enforcement actions typically signal regulators' growing concern
about a bank's health or management.
BNB received its $7.5 million in April 2009.
In a separate enforcement action released Monday, the Fed placed
similar restrictions on Smithtown Bancorp Inc. (SMTB), based in
Hauppauge, N.Y.
Smithtown, which bills itself as the largest independent
commercial bank headquarted on Long Island, is not a recipient of
TARP funds. It has, however, been struggling against a growing
volume of soured real-estate loans.
-By Meena Thiruvengadam, Dow Jones Newswires; 202-862-6629;
meena.thiruvengadam@dowjones.com
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