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Tuesday, February 02, 2010 11:00 AM

Peoples Bank working to strengthen finances, comply with Federal Reserve order

By VICKIE MOSS, Herald Public Affairs Editor

Federal banking regulators have ordered Peoples Bank to strengthen its overall financial condition, citing concerns with the bank’s high number of bad loans in 2009.

Peoples Bank, which is based in Lawrence and has two locations in Ottawa, has agreed to develop a written plan for improvement. The bank has two months to deliver the plan, which is subject to review over the next year.

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