KIRKSVILLE, MO. -- Bank Midwest is taking action outlined by a federal agency. The bank says it is voluntarily agreeing to a Consent Order with the Office of the Comptroller of the Currency (OCC) earlier this month. The multi-billion dollar bank agreed to address the items identified in the bank’s routine regulatory exam last year.
In a release from Bank Midwest it’s stated that the customer’s deposits remain fully insured to the FDIC limits. Chief Executive Officer Paul Holewinski says, quote “We appreciate our relationship with the OCC, and our Board of Directors and management team are fully committed to taking all steps and allocating all resources necessary to ensure that we have strong and fully compliant plans that promptly address the items noted in the order.”
The bank denied further comments on how this will affect local branches. More than 850 people are employed throughout the branches in Missouri and Kansas.
The FDIC says it will not release more information until the end of next month.
You can read the entire statement below.
KANSAS CITY, MO (June 18, 2010) – Bank Midwest today announced that it has voluntarily agreed to the issuance of a Consent Order with the Office of the Comptroller of the Currency (OCC). The order requires the Bank to develop and implement action plans to address items identified during the Bank’s routine regulatory examination that was completed as of June 30, 2009, including capital position, asset quality, loan portfolio management and concentrations. The requirements are generally consistent with strategic initiatives that are currently in process or that have already been completed by the Bank.
“In this challenging and unprecedented banking environment all regulatory agencies are working closely with the banks they supervise, and they are providing guidance and direction to help banks maintain financial soundness,” said Chief Executive Officer Paul Holewinski. “We appreciate our relationship with the OCC, and our Board of Directors and management team are fully committed to taking all steps and allocating all resources necessary to ensure that we have strong and fully compliant plans that promptly address the items noted in the order. We acted proactively to address the OCC’s concerns, we have made significant progress, and we will continue to do so until we are in full compliance.”
Bank Midwest’s ability to serve its customers is not impacted by the order and customer deposits remain fully insured to the FDIC limits. Holewinski said, “As always, our first priority is our customers’ satisfaction and security and we remain dedicated to delivering best-in-class service.”
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Bank Midwest has assets in excess of $4.2 billion and employs more than 850 people in its locations in Missouri and Kansas.
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