Bank Owner Agrees Not To Pay Dividends Without Fed OK
June 21 2010 - 11:29AM
Dow Jones News
The owner of a Michigan bank has agreed not to pay dividends
without prior approval by the Federal Reserve.
The Fed on Monday released an agreement with Dearborn Bancorp
Inc. (DEAR), which owns Fidelity Bank in Dearborn.
Under the agreement, the company cannot declare or pay dividends
without prior approval.
It must also get the Fed's consent to take on debt or redeem
shares of its stock.
-By Jeff Bater, Dow Jones Newswires; 202-862-9249;
jeff.bater@dowjones.com
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