Prompt corrective action

FDIC caps Old Glory Bank's growth after its leverage ratio falls to 2.69%

FDIC regulators put Old Glory Bank under a corrective action directive after its Tier 1 leverage ratio fell to 2.69%, below the 4% minimum. The bank's losses of about $1.3 million a month are eating into roughly $1.9 million of capital above the 2% receivership threshold.