Wednesday, Sep 28, 2016
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Economy

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.

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