Federal regulators ramped up the pressure on Home Federal Bank of Hollywood with a stronger enforcement action that criticized its capital levels and its compliance with anti-money laundering laws.
The Office of the Comptroller of the Currency made the consent order with the $66.9 million-asset bank public on Friday after signing it July 27. Joseph Guerraresigned as CEO of Home Federal Bank around the same time order was issued.Anthony N. Leo is serving as acting CEO of the bank.
This action replaces a 2010 cease and desist order, which the OCC said Home Federal Bank failed to comply with. The new order says Home Federal Bank must cease and desist from “unsafe and unsound” practices in relation to capital, asset quality, earnings and management, in addition to violations of the Bank Secrecy Act.
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