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Article: McIntosh State Bank Announces Agreement with Regulators.
- Article from:
- Real Estate Weekly News
- Article date:
- November 13, 2009
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Pete Malone, Chief Executive Officer of McIntosh State Bank, headquartered in Jackson, Georgia, has announced that after working with the Georgia Department of Banking & Finance and the Federal Deposit Insurance Corporation, a formal agreement has been reached that is designed to make sure the bank is correcting identified problems in a good faith effort on the part of both the Board of Directors and the bank's management team. The regulatory order, known officially as a "cease and desist order", which the board signed on October 15, is designed to improve the condition of the Bank. The basis for the order is largely due to the bank's concentration in residential real ...