Crescent Banking Co. of Jasper, Ga., has been put under the regulatory oversight of the Federal Reserve Bank of Atlanta and banking commissioner of Georgia.
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Under the terms of the “written agreement,” the bank is restricted from paying dividends, buying/redeeming shares of its stock or accruing additional debt without prior consent of the Federal Reserve Bank of Atlanta and banking commissioner of Georgia.
The bank must also submit written progress reports to the Federal Reserve and banking commissioner within 30 days after the end of each calendar quarter.
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