The Bank Slate


United Fidelity in Indiana hit with C&D order from Fed

United Fidelity Bank in Evansville, Ind., and its parent companies are now operating under a cease-and-desist order from the Federal Reserve.

The C&D order is tied to the $6.4 billion-asset bank’s capital planning, risk management, contingency funding and oversight by senior executives and directors. United agreed to file a strategic plan for addressing the issues within 60 days.

The order also applies to Fidelity Federal Bancorp and Pedcor Financial Bancorp.

United was hit with an enforcement action from the Office of the Comptroller of the Currency last fall. That order stated that the bank was in a “troubled condition.”

Angie Peters, a bank spokeswoman, told the news outlet Current earlier this year that the OCC order reflected the bank’s accelerated growth.

United has acquired eight banks in the past decade, including five failed institutions.

Leave a Reply

Your email address will not be published. Required fields are marked *