Board issues enforcement actions with Bank of the Commonwealth, FirstFed Bancorp Employee Stock Ownership Plan, FirstFed Bancorp, PGB Holdings, and Pacific Global Bank

The following press release was published by the Board of Governors of the Federal Reserve System on July 7, 2011. It is reproduced in full below.

The Federal Reserve Board on Thursday announced the execution of the following enforcement actions: Bank of the Commonwealth (14 KB PDF), Norfolk, Virginia Prompt Corrective Action Directive dated July 1, 2011 FirstFed Bancorp, Inc. Employee Stock Ownership Plan and FirstFed Bancorp, Inc. (18 KB PDF), both of Bessemer, Alabama Written Agreement dated June 27, 2011 PGB Holdings, Inc. and Pacific Global Bank (129 KB PDF), both of Chicago, Illinois Written Agreement dated June 30, 2011 Search of Federal Reserve enforcement actions.

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Source: Board of Governors of the Federal Reserve System