Friday, September 10, 2010
FDIC orders Main Street Bank to diversify lending operations
Houston Business Journal - by Casey Wooten Reporter
Main Street Bank has been ordered by federal regulators to diversify the institution’s loan portfolio, form a capital plan and improve liquidity.
The Kingwood-based commercial bank was the subject of a consent order published by the Federal Deposit Insurance Corp. in late August.
Main Street — which holds $455 million in assets — is required to expand a loan portfolio heavily focused on small business lending.
In an Aug. 27 statement, the bank attributed the consent order to the FDIC’s scrutiny of Main Street’s small business-centric business model during a recent examination.