Finding Text
Condition: Operating funds exceeded federal insurance coverage and management has not monitored the bank’s ratings; Criteria: The regulatory agreement requires all funds to be fully insured or management to monitor the banks ratings on a quarterly basis; Effect: Operating funds exceeded FDIC insurance by $65,791; Cause: Management oversight. Recommendation: Management should monitor the bank’s ratings or move funds to provide for full federal insurance coverage. Management comment: Management will move funds to provide for full FDIC insurance coverage.