Farmers Capital Bank announes termination of regulatory agreement

theflyonthewall.com

Farmers Capital Bank announced that it received written notification from the Federal Reserve Bank of St. Louis, after consultation with the Kentucky Department of Financial Institutions, that the Memorandum of Understanding entered into between the parties during 4Q09 has been terminated effective immediately. Lloyd C. Hillard, Jr., president and CEO stated, "Termination of the Memorandum at the Parent Company is a significant step forward for the company. This action primarily reflects the improvements made in the overall financial condition of our subsidiary banks," continues Hillard. "Terminating the Memorandum also puts us a step closer to seeking regulatory approval for the possibility of redeeming a portion of our outstanding preferred stock."

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