Talbot Bank of Easton, Maryland said Friday it has entered into a consent order with federal and state regulators.
That order from the Federal Deposit Insurance Corp. and the Commissioner of Financial Regulation of Maryland requires the bank to improve its credit quality and revise some of its policies and procedures, the bank said.
"No bank has been immune from the challenges created by the economic downturn," CEO Patrick M. Bilbrough said in a statement. "As we deal with those challenges, we are working closely with the FDIC and the commissioner to make sure that we handle these challenges in the correct way in a timely manner."
Talbot Bank, a subsidiary of Shore Bancshares Inc., has $713 million in assets and seven locations in Talbot and Dorchester counties. Shores Bankshares reported in April that 8.4 percent of its $1.1 billion in total assets at the end of March were nonperforming.Copyright © 2015, CT Now