State and federal regulators issued an enforcement action against a Greenwich, Connecticut, bank that specializes in wealth management.
Fieldpoint Private Bank & Trust, along with its parent company Fieldpoint Private Holdings, entered a written agreement with the Federal Reserve Bank of New York and the Connecticut Department of Banking this week.
The $1.4 billion-asset bank agreed to make changes to several management areas including funding, liquidity, budgeting and strategic planning. Fieldpoint also agreed to build up and maintain "sufficient" capital, and it consented to a capital conservation plan that requires it to get written approval before initiating share buybacks, declaring dividends or making any other sort of capital distributions.
As part of the agreement, the bank's board of directors pledged to be a "source of strength" for the institution and ensure that it meets all of its obligations. The bank must submit written reports to its supervisors on its reform plans within the next 90 days. After that, it must make regular progress reports.
The public enforcement action against the bank does not identify specific deficiencies, as is typical for such documents. By entering the agreement, the bank has waived its right to dispute the regulators' findings.
Fieldpoint was founded in 2008 by a group of prominent Wall Street figures, including former Merrill Lynch executives David Komansky and Daniel Tully; former UBS PaineWebber CEO Joe Grano; Invemed Associates' Kenneth Langone; and KKR co-founder Jerome Kohlberg. The group sought to establish a bank that specialized in serving high-net-worth individuals and families. According to its website, the private bank serves more than 1,000 client families and entrepreneurs.
The bank opened a Manhattan branch in 2015, then expanded to Atlanta in 2021 and Winter Park, Florida, in 2022 by purchasing existing wealth management teams in those markets. Fieldpoint also launched a registered investment advisory business in 2022 but sold it the following year to New York-based Dominari Financial.
Fieldpoint's business lines include commercial banking, personal banking and trust services and wealth transfer planning. It also offers business and personal credit cards.
