The Federal Reserve Board has executed formal written agreements with two separate banking groups, requiring each institution to implement specific corrective actions to address unsafe or unsound banking practices identified by examiners. The agreements were published by the Federal Reserve on its website.
The first agreement, dated 7 August 2024, covers SNB Bancshares, Inc. and its subsidiary Bank of Eufaula, located in Eufaula, Oklahoma. The second written agreement, dated 6 August 2024, applies to Heritage Bancshares Group, Inc. and the Heritage Bancshares Group Inc. Employee Stock Ownership Plan and Trust, both of Spicer, Minnesota, and requires them to serve as a source of strength to their subsidiary, Heritage Bank N.A., which has been under an Office of the Comptroller of the Currency consent order since 2 April 2024.
WRITTEN AGREEMENTS
Unlike informal supervisory communications or memoranda of understanding, written agreements are legally binding, publicly disclosed, and enforceable under federal banking law.