ASHEVILLE, N.C. (AP) - Regulators say a western North Carolina bank had policies that jeopardized the safety of its deposits and issued a number of poor quality loans.
The Asheville Citizen-Times reports Blue Ridge Savings Bank was sharply reprimanded in a 25-page order from the Federal Deposit Insurance Corp.
The bank says it has agreed to fix the problems without admitting or denying the allegations. Officials say the bank was also working to fix some of the policies before the report was issued last year.
In the report, the FDIC says Blue Ridge Savings didn't have enough capital and reserves; didn't make sure employees followed federal law requiring workers to assist in detecting money laundering; and the board of directors didn't adequately supervise management.
Information from: The Asheville Citizen-Times,
You can read the full report from the Federal Deposit Insurance Corp. by clicking here
Email
Facebook
Google
Twitter
Favorites
More
Advertisement