Defiance financial firm released from sanctions
2/19/2005DEFIANCE Rurban Financial Corp., parent company of State Bank & Trust Co., said yesterday it has been released from federal and state sanctions imposed on it in 2002 after bad loan problems.
The Defi ance bank holding company entered an agreement in July, 2002, with the Federal Reserve Bank and the Ohio Department of Financial Institutions, agreeing to hire a consultant to review management, submit business and other plans to regulators, and get approval to pay dividends and make other moves. That came after it was forced to restate slumping 2001 earnings to refl ect badloan write-offs and the resignation of three top officials.
Rurban last month said it would pay a dividend for the first time in 2 years. It reported a profi t of $2.7 million last year.