Metro Bank agrees to pay $1.5 million fineTim Stuhldreher
The fine is subject to FDIC approval, Metro said Monday in a regulatory filing. Once Metro pays, the agency has agreed to take no further action on the matter, Metro said.
Two years ago, the FDIC and the state Department of Banking issued consent orders to Metro after bank examiners reported finding deficiencies and "violations of law or regulation" in the Swatara Township-based institution's operations. Their concerns were documented in reports issued in August 2009 and October 2010, Metro said.
"Management is confident, and the bank regulators have confirmed, that the issues have been corrected," Metro spokesman Jason Kirsch said in an email.
The Department of Banking rescinded its consent order this spring.
The fine "will not affect customer service and will not have a significant impact on the bank's capital levels," Kirsch said.
Shares of Metro's holding company, Metro Bancorp Inc., trade on the Nasdaq under the ticker symbol METR.