In a lengthy press release, First Capital Bank today announced the bank has successfully entered into a Consent Order with banking regulators. This agreement contains eighteen specific steps which the bank must take in the coming months. These steps create a roadmap to complete compliance with existing regulatory requirements.
Roy Bennett, President and CEO of the bank commented that “Economic conditions, particularly greatly devalued real estate, have impacted the performance of many community banks in Florida and throughout the nation. As a result, regulatory agencies have taken a pro-active stance in working with banks to maintain their financial strength in this challenging economy. Since our initial examination in June, our bank has been working diligently with regulators to address directives included in this agreement. As a result, significant progress has been made toward compliance.”To read the rest of the story visit our virtual paper by clicking on this link!