Hastings Bank Fined Shortly Before Being Bought
A Hastings bank was fined for unsound practices shortly before being bought by another bank.
The FDIC recently released the details of the enforcement action against Hastings State Bank. The bank was fined $220,000 and made to hire a compliance officer.
Hastings State Bank paid the fine and agreed to hire a compliance officer to make sure consumer laws are being followed.
Pinaccle Bank bought Hastings State bank shortly after the December order. Scott Kvols with Pinnacle Bank says the bank already had measures to address those concerns in place before it bought Hastings State Bank.