Prompt corrective action directive against Paramount Bank

The following press release was published by the Board of Governors of the Federal Reserve System on Aug. 12, 2010. It is reproduced in full below.

The Federal Reserve Board on Thursday announced the issuance of a Prompt Corrective Action Directive with the consent of Paramount Bank, Farmington Hills, Michigan, a state-chartered member bank.

A copy of the Directive is attached.

Source: Board of Governors of the Federal Reserve System