It’s not just high-flying Wall Street banks who’ve felt the crunch:
The order covers oversight of the Jackson, Ga.-based bank’s reviews of staff and management, lending practices and credit administration, credit risk management, asset improvement, allowances for loan and lease losses, earnings plan and budget.
Among other things, the 15-page agreement requires the company to, within 60 days of the order, send the Fed a written plan designed to improve the bank’s position through repayments, amortization, liquidation, additional collateral or other means on each loan or other asset in excess of $100,000.
First Georgia Community also within 60 days must show a plan to improve identification of problem loans and procedures to identify, monitor, and control risks associated with concentrations of credit by types of loan and borrower.
The company has to give the Fed a written report detailing plans to keep sufficient capital at the bank.