Federal Reserve Board issues enforcement action with Cecil Bank, and announces termination of enforcement action with Philippine National Bank

The following press release was published by the Board of Governors of the Federal Reserve System on Aug. 11, 2015. It is reproduced in full below.

The Federal Reserve Board on Tuesday announced the execution of the following enforcement action: Cecil Bank (PDF), Elkton, Maryland Prompt Corrective Action Directive dated August 7, 2015 The Federal Reserve Board also announced the termination of the enforcement action listed below: Philippine National Bank, Pasay City, Philippines and Philippine National Bank New York Branch, New York, New York Written Agreement dated May 8, 2009 Terminated August 5, 2015 Search of Federal Reserve enforcement actions. For media inquiries, call 202-452-2955.

Source: Board of Governors of the Federal Reserve System