GREENWICH, Conn., Sept. 11, 2024 (GLOBE NEWSWIRE) -- Today, Fieldpoint Private Holdings, Inc. (the "Company" and "Fieldpoint Private") announced it has entered into a written agreement with its regulators, the Federal Reserve Bank of New York and the Connecticut Department of Banking, that encompasses a set of practices implemented at the Company and Fieldpoint Private Bank & Trust (the "Bank") since the banking industry crisis in the spring of 2023. The agreement's measures specify timeframes for continuing to update regulators on progress and plans affecting earnings, ensuring ongoing liquidity strength and the Bank's capital.
The primary circumstance warranting these measures has been the economic impact of the rising rate environment affecting banks since 2022, and its pressures on funding costs, loan yields, earnings and capital. Pursuant to the agreement, the Bank will continue to share with regulators its primary operating and controls plans including liquidity risk management, contingency funding, earnings and capital, among others.
"We have a strong partnership with our regulators," said H. Russell Holland, President and CEO of Fieldpoint Private. "The written agreement outlines what our stakeholders know and expect from us, focusing on maintaining our liquidity and capital, while adhering to a strong financial discipline, further strengthening our ability to continue to solve our clients' challenges."
Fieldpoint Private noted significant progress in 2024:
Year to date, ...
