Bank & Thrift - Regulatory and Legal Developments
Fed enters agreement with Merchants Bancorp
November 03, 2009 1:33 PM ET
By Robb Soukup
| |  Source URL | Related Companies |
The Federal Reserve and the Oregon Department of Consumer and Business Services, Division of Finance and Corporate Securities, entered into a written agreement Oct. 23 with Gresham, Ore.-based Merchants Bancorp, under which the company may not declare or pay dividends without prior regulatory approval. The company also agreed to submit a plan on its planned sources and uses of cash for debt service, operating expenses and other purposes for 2010, and it said it would comply with certain notice provisions if it intended to make changes to management or its board. |
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