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Farmers Capital Bank (FFKT) in Frankfort, Ky., is one step closer to being freed from a regulatory order.
January 23 -
Regulators continue to make Bank Secrecy Act compliance one of their top priorities, according to newly available information on enforcement actions.
March 3 -
WASHINGTON -- Banks and thrifts earned $40.3 billion in the fourth quarter -- a nearly 17% rise from a year earlier -- largely due once again to reduced loan loss provisions, the Federal Deposit Insurance Corp. said Wednesday.
February 26
Farmers Capital Bank Corp. in Frankfort, Ky., has been released from an enforcement order under which it had been operating since 2009.
The $1.8 billion-asset Farmers said it received notification from the Federal Reserve Bank of St. Louis on Wednesday that a memorandum of understanding signed by the two parties had been terminated.
Earlier this year, a formal consent order between Farmers Capital subsidiary United Bank and Trust Co. and the Federal Deposit Insurance Corp. was reduced into an informal memorandum of understanding.
The MOU, which was made in consultation with the Kentucky Department of Financial Institutions, required Farmers to obtain written consent prior to declaring or paying a cash dividend. It mandated that the financial institution maintain increasing leverage ratios of 7.5%, 7.75% and 8% by Dec. 31, 2009, March 31, 2010 and June 30, 2010, respectively.
Farmers' regulatory capital levels through the end of 2013 remain in excess of "well-capitalized," according to the bank's
For the fourth quarter, Farmers reported net income of $3.1 million, up 18% from the same quarter in 2012.
Lloyd Hillard Jr., the president and chief executive officer of Farmers Capital Bank Corp., said that the termination of the MOU "reflects the improvements made in the overall financial condition of our subsidiary banks."
