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Bank holding company enters agreement with Fed

By Arielle Kass
June 28, 2011

The holding company for a north Georgia bank was told it has to take steps to be a source of strength for the institution.

The written agreement between the Federal Reserve Bank of Atlanta and First Chatsworth Bankshares, Inc., said the holding company must take steps to ensure The First National Bank of Chatsworth complies with a January order from another regulator, and any other regulatory actions that may come up.

The holding company also cannot declare dividends or incur any debt without regulators' approval.

About the Author

Arielle Kass covers Gwinnett County for The Atlanta Journal-Constitution. She started at the paper in 2010, and has covered business and local government beats around metro Atlanta. Arielle is a graduate of Emory University.

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