Georgia

Fed ends 13-year enforcement action against small Georgia bank

Published

2 years ago

March 2, 2023

Fed ends 13-year enforcement action against small Georgia bank

The Federal Reserve Board of Governors has lifted an enforcement motion towards a small, previously troubled financial institution holding firm after practically 14 years.

The Fed terminated its consent settlement with FMB Bancshares, Inc. — a Lakeland, Ga.-based firm with $45 million of property — on Tuesday, in response to an announcement launched Thursday morning.

FMB owns six Farmers and Retailers Financial institution branches in Georgia. An organization spokesperson on the financial institution’s flagship location didn’t reply to a request for remark Thursday.

The Fed’s announcement included no particulars about what FMB did to fulfill the phrases of the consent settlement, which went into impact on Nov. 11, 2009, as is customary for such enforcement actions. The small print of those instances are typically handled as confidential supervisory data.

Enforcement actions have been issued towards many banks following the collapse of the subprime mortgage trade in 2008, however it’s unclear whether or not FMB’s points have been associated to that disaster.

The Fed’s enforcement motion adopted a stop and desist order issued by the Federal Deposit Insurance coverage Corp. towards Farmers and Retailers Financial institution, Lakeland, Georgia in Might 2009.

The Fed known as for the holding firm to develop into a “supply of energy” for the financial institution because it sought to handle the problems raised by the FDIC and the Georgia Banking Commissioner. To take action, the Fed ordered FMB to conduct a compensation evaluate and get written approval earlier than issuing dividend funds or the success of inventory and debt redemption requests, amongst different issues.

The Fed additionally known as for FMB to create new capital plans for the holding firm in addition to the financial institution in query. It additionally subjected the holding firm to varied reporting and oversight necessities.

For its half, the FDIC order additionally known as for a litany of administration adjustments and capital reforms. Its order cited “unsafe or unsound banking practices” in addition to potential violations of legal guidelines and regulation by the financial institution.

Particularly, the FDIC accused the financial institution’s board of administrators of failing to adequately supervise the financial institution and establishing administration practices that jeopardized the protection of financial institution deposits. The company additionally mentioned the financial institution had insufficient fairness capital and liquidity, too many poor high quality loans, and lackluster insurance policies on loans and mortgage losses. Inadequate controls on insider transactions and conflicts of curiosity have been additionally talked about.

The FDIC’s order known as for a extra hands-on board method and important steadiness sheet changes, together with shedding of troubled property, elevated fairness and liquidity, and decreasing sure credit score threat concentrations. The financial institution additionally needed to rewrite quite a few insurance policies together with these on lending and assortment, mortgage loss allowances, liquidity and funds administration, and ethics and conflicts of curiosity.

Farmers and Retailers Financial institution traces its historical past again to 1907, in response to a short historical past on the financial institution’s web site. The FMB holding firm was established in 1984 and bought United Bankshares, Inc. of Nashville, GA in 1993.

In September 2007, the agency reclassified from a financial institution holding firm to a home monetary holding firm, in response to the Federal Monetary Establishments Examination Council’s on-line database. It modified again to a financial institution holding firm in Might 2009.

Source link

Related Topics:AB - Policy & Regulation enforcement Featured Regulation and compliance

Click to comment

Georgia

When do College Football Playoff rankings come out? Date, time for Georgia football

Published

4 hours ago

November 26, 2024

Press Room

When do College Football Playoff rankings come out? Date, time for Georgia football

The new College Football Playoff rankings will be unveiled Tuesday night.

As far as the SEC is concerned, there are some questions.

How high will Georgia football move up after two other conference teams were upset Saturday?

And how far will three-loss Alabama and Ole Miss slide? They should go from in the 12-team CFP bracket to presumably on the outside of it.

Texas, Georgia and Tennessee may be the only SEC teams in the playoff field heading into the final weekend of the regular season.

Texas and Texas A&M play Saturday for a spot in the SEC championship game against Georgia in what could be a playoff elimination game.

Can three-loss South Carolina play itself into the field by beating Clemson Saturday?

Georgia will play for the SEC’s automatic playoff spot in the SEC championship game Dec. 7 but a win against rival Georgia Tech Friday night is needed to get in the playoff if it should lose in the league title game.

College Football Playoff rankings release date

The fourth College Football Playoff rankings will be released on Tuesday Nov. 26 on ESPN’s reveal show. It is the fourth of five rankings that will be released each Tuesday before the final rankings come out.

What time is CFP rankings?

The rankings will be revealed on a show that starts at 8 p.m. Each weekly ranking will come out on Tuesday nights, but the time of the show varies depending on the day.

Georgia football CFP rankings projection

Georgia will be the second ranked SEC team after Texas. The Bulldogs will climb from No. 10 to No. 7 and in position to host a first-round game in the 12-team bracket.

How to watch College Football Playoff rankings show

The 12-team field will be released on a top 25 rankings show that will air on ESPN. It can also be streamed on ESPN+.

How many teams in College Football Playoff 2024?

The field has been expanded from four teams to 12. That just so happens to come after a controversial 2023 when unbeaten Florida State was left out of the field and 12-1 Georgia was also outside the top 4.

How does College Football Playoff format work?

The 12-team field includes five conference champions ranked highest by the committee and seven at-large selections. The four highest-ranked conference champions will be the top four seeds and receive a bye into the quarterfinals. The fifth highest-ranked conference champion will be seeded where it was ranked or No. 12 if not in the top 12.

Teams ranked in the top 4 that don’t win their conference will be seeded starting at No. 5. Teams seeded 5 through 12 will play in the first round Dec. 20 or 21 with higher seeds hosting on campus. Playoff quarterfinals and semifinals will at bowl sites and the championship game is in Atlanta on Jan. 20.

Source link

Georgia

No. 21 Oregon women’s basketball upset by Georgia Tech in Hawaii tournament

Published

13 hours ago

November 25, 2024

Press Room

No. 21 Oregon women’s basketball upset by Georgia Tech in Hawaii tournament

The early-season undefeated run is over.

No. 21 Oregon women’s basketball was dominated on the boards in a 74-58 loss to Georgia Tech on Monday night at the North Shore Showcase tournament in Laie, Hawaii.

Oregon (6-1) was out-rebounded, 53-31, by Georgia Tech (6-0) including 23 offensive rebounds. The Ducks got a team-high 10 points from senior guard Deja Kelly, supplemented by nine from fellow senior Peyton Scott and eight from freshman forward Ehis Etute — making her season debut for the Ducks after spending time with the Luxembourg national team.

Georgia Tech was led by Ariadna Termis with 13 points, Zoesha Smith with 12, and Ines Noguero with 11.

The Ducks got off to a slow start, trailing 16-7 with their interior defense and rebounding lacking. Georgia Tech slashed through the lane and scored easy buckets in transition, amassing nine offensive rebounds in the first quarter alone.

The Yellow Jackets led, 18-11, through one quarter. Oregon had not previously trailed by more than five at any point in its first six games.

In the second quarter, Oregon got some momentum buckets from Scott and Nani Falatea to claw back into the game. A 7-0 run late in the first gave the Ducks their first lead of the night, 25-24. Georgia Tech would mount a response and carry a 29-27 lead into the half.

The likely halftime message from Oregon coach Kelly Graves? Hit the boards. Oregon was out-rebounded 32-21 in the first half by Georgia Tech and gave up 14 offensive rebounds. Neither team shot the ball particularly well, either, with Oregon shooting 31% in the half to Georgia Tech’s 29%.

Transition play highlighted a breakneck early third quarter for both teams, with Georgia Tech extending its lead to 39-33 with 4:55 left in the frame. Oregon’s size advantage was counteracted by Georgia Tech’s speed and athleticism, and Graves experimented with different lineups to try and slow the Yellow Jackets down.

Kelly took over as the third quarter progressed, hitting key jumpers and driving to the lane as Oregon cut the Georgia Tech lead to 46-43 through three.

Georgia Tech seized momentum permanently in the early fourth. A three-pointer by Noguero made it 52-43 Yellow Jackets, and Oregon threw the ball out of bounds on the ensuing inbound. Graves called timeout as the Georgia Tech bench erupted.

The Yellow Jackets scored out of the timeout to make it 54-43, and a bucket for Kara Dunn extended the advantage to 56-43 with just under eight minutes left.

Oregon struggled to keep possession of the ball, Georgia Tech hit big shots, and the lead ballooned down the stretch. A Dani Carnegie jumper made it 68-49 Yellow Jackets with 4:37 to go, and a feisty Georgia Tech team didn’t look back en route to a dominant victory.

Next game: No. 21 Oregon (6-1) vs. South Dakota State (3-2) — Hawaii North Shore Showcase

When: Tuesday, Nov. 26
Time: 4 p.m. PT
Where: George Q. Cannon Activities Center — Laie, Oahu, Hawaii
Streaming: BallerTV
Radio: Oregon Sports Network

— Ryan Clarke covers the Oregon Ducks and Big Ten Conference. Listen to the Ducks Confidential podcast or subscribe to the Ducks Roundup newsletter.

Source link

Georgia

Georgia Football Injury Report Per Kirby Smart Ahead of Georgia Tech

Published

21 hours ago

November 25, 2024

Press Room

Georgia Football Injury Report Per Kirby Smart Ahead of Georgia Tech

Head coach Kirby Smart updated the injury report ahead of the Georgia Tech game.

The Georgia Bulldogs earned another win this past weekend as they took care of business against UMass. Not only that, but Georgia also clinched a spot in the SEC Championship game after Alabama lost to Oklahoma. They will face the winner of the Texas vs Texas A&M game which takes place this week.

Before they focus on that though, Georgia has to go up against their in-state rival Georgia Tech. The Yellow Jackets gave the Dawgs a bit of a challenge last year, but Georgia gets them in Sanford Stadium for their final home game of the regular season. This year’s game will be played on Friday after Thanksgiving as opposed to Saturday when the game is traditionally played.

Head coach Kirby Smart met with the media on Monday to preview Georgia Tech and as always, he provided an update to the injury report. One notable player who suffered an injury against UMass was defensive lineman Christen Miller as he went down with a shoulder injury and did not return during the game. Here is what Smart had to say about his injured players:

Georgia Football Injury Report:

Other Georgia News:

Join the Community:

Subscribe to our YouTube Page HERE.

You can follow us for future coverage by clicking “Follow” on the top right-hand corner of the page. Also, be sure to like us on Facebook @BulldogMaven & follow us on Twitter at@DawgsDaily

Source link