Two small Georgia banks face regulatory action

Two small Georgia banking companies face increased scrutiny from regulators.

Middle Georgia Corp., which operates Central Bank of Ellaville, and FMB Bancshares, which owns Farmers & Merchants Bank in Lakeland, have entered into “written agreements” with the Federal Reserve Bank of Atlanta and the Georgia Department of Banking and Finance.

The orders were executed earlier this month but made public on Thursday. They piggy-back on earlier “cease and desist” orders made by the Federal Deposit Insurance Corp. against the two banks that require a range of financial and operational improvements.