Wednesday, April 01, 2015
Current Weather
Loading Current Weather....
Published: Thursday, 2/17/2005

Fed lifts sanctions on Metamora bank

The Federal Reserve Board yesterday said it has terminated enforcement action it had imposed two years ago against Metamora Bancorp Inc., the holding company that controls Metamora State Bank.

The action was taken Dec. 10, 2002. In its order, the Federal Reserve instructed the bank to enact several changes, including an independent review and restructure of management, improved loan policies, better procedures to cover loan losses and maintain sufficient capital, and better procedures for fund transfers.

A Federal Reserve spokesman would not comment on the case.

Metamora State Bank has branches in Metamora and in Sylvania. Fred Mossing, the bank's president and chief executive, was unavailable for comment.

Recommended for You

Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. If a comment violates these standards or our privacy statement or visitor's agreement, click the "X" in the upper right corner of the comment box to report abuse. To post comments, you must be a Facebook member. To find out more, please visit the FAQ.