Federal Reserve Board issues enforcement action with Pinnacle Bank Holding Company

The Federal Reserve Board on Tuesday announced the execution of the following enforcement action:

WHEREAS, Pinnacle Bank Holding Company, Inc., Orange City, Florida (“PBHCI”), a registered bank holding company, owns and controls Pinnacle Bank, Orange City, Florida (the “Bank”), a state chartered nonmember bank;

WHEREAS, it is the common goal of PBHCI and the Federal Reserve Bank of Atlanta (the “Reserve Bank”) to maintain the financial soundness of PBHCI so that PBHCI may serve as a source of strength to the Bank;

WHEREAS, PBHCI and the Reserve Bank have mutually agreed to enter into this Written Agreement (the “Agreement”); and

WHEREAS, on August 24, 2011, the board of directors of PBHCI, at a duly constituted meeting, adopted a resolution authorizing and directing Raymond A. Biernacki, Jr. to enter into this Agreement on behalf of PBHCI, and consenting to compliance with each and every provision of this Agreement by PBHCI and its institution-affiliated parties, as defined in sections 3(u) and 8(b)(3) of the Federal Deposit Insurance Act, as amended (the “FDI Act”) (12 U.S.C. §§ 1813(u) and 1818(b)(3)).

NOW, THEREFORE, PBHCI and the Reserve Bank agree as follows:

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