Cecil Bancorp Inc. and its subsidiary, Cecil Bank, have reached an agreement with state and federal regulators to take steps to ensure financial soundness.
The agreement with the Federal Reserve Bank of Richmond and Maryland Commissioner of Financial Regulation sets up a timeline for the bank and its parent to come up with a series of written plans for maintaining sufficient capital, improving earnings, beefing up board oversight, and other steps.
The bank also agreed not to extend further credit, without approval by the board, to borrowers whose loans were criticized by regulators last year. The company and bank agreed to the terms late last month. Cecil Bank has 11 branches in Maryland and $513 million in assets at the end of March.
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