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Press Release
New York State Banking Department And FDIC Issue Consent Order to Cease and Desist to Waterford Village Bank

February 23, 2009

New York, NY: The New York State Banking Department and the Federal Deposit Insurance Corporation (FDIC) entered into parallel Consent Orders to Cease and Desist with Waterford Village Bank.

The Banking Department and the FDIC identified supervisory concerns relating to the conduct of the Bank’s business, including unsafe and unsound banking practices, and violations of written conditions imposed by the Banking Department in connection with the issuance of its Authorization Certificate dated Dec. 7, 2006, and by the FDIC in its Order dated July 28, 2005 approving the Bank’s application for deposit insurance. 

Under the Orders, Waterford Village Bank is required to correct its capital deficiency and take immediate action to ensure compliance with all applicable federal and state laws, rules and regulations, and to conduct safe and sound banking operations.

A copy of the Order is available at www.dfs.ny.gov/banking/ea090212.pdf.

The New York State Banking Department is the regulator for all state-chartered banking institutions, virtually all of the United States offices of international banking institutions, all of the State’s mortgage brokers, mortgage bankers, check cashers, money transmitters and budget planners.  The aggregate assets of the depository institutions supervised by the Banking Department are $2.2 trillion.

In addition to regulating banking institutions, the Banking Department is active in informing and educating all New Yorkers on banking matters.  To contact the Banking Department, please call 1-877-BANK-NYS or visit our Web site at www.banking.state.ny.us.

 

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