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Heritage bank agrees to consent order | Business

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Heritage bank agrees to consent order
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Heritage bank agrees to consent order

Lutz, FL -- Heritage Bank, headquartered in Lutz and with $268.8 million in total assets, agreed to the consent order with the Federal Deposit Insurance Corp. and the Florida Office of Financial Regulation in December, but it was not made public until this past Friday by the FDIC.


Under terms of the agreement, Heritage Bank's board will increase participation in the affairs of the bank and the bank will have and retain qualified management. The bank also was ordered to boost capital levels.


Within 120 days of the order, the bank was required to have Tier 1 capital of at least 8 percent of total assets and total risk-based capital of at least 12 percent.


The bank's Tier 1 capital level at Sept. 30 was 7.86 percent and total risk-based capital was 9.15 percent, an FDIC report showed.


While the order is in effect, Heritage Bank can't pay dividends or bonuses without regulatory approval.


The bank did not admit or deny any charges of unsafe or unsound banking practices or violations of law or regulation, the order said.

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