September 24, 2011 - 1:01 am
SWNB Bancorp Inc. is working under an agreement with the Federal Reserve to monitor the financial condition of its banks, a letter released Friday shows.
The Federal Reserve issues these orders when its concerned about the financial stability of bank or its holding company.
The Houston-based holding company owns two Nevada National Bank branches in Las Vegas and five Southwestern National Bank branches in Houston.
Under the order, signed Sept. 15, SWNB Bancorp has been ordered not to issue dividends, distributions, debt or stock. The agreement also requires the company to provide progress reports to the Fed monthly.
SWNB Bancorp President Gary Owens was unavailable for comment Friday.