The First National Bank of St. Ignace
St. Ignace, Michigan
In February 2024, the OCC issued a Formal Agreement (Docket No. AA-CE-2024-1) with The First National Bank of St. Ignace, Michigan. The agreement addressed weaknesses in the bank's capital planning and stress testing processes, deficiencies in strategic planning, and violations related to dividend payments. While this bank is not identified as a BaaS provider, the action reflects the OCC's broader supervisory priorities around capital adequacy and governance that apply across the banking industry, including banks that may serve as fintech partners.
Verified from source: The OCC entered into a Formal Agreement with The First National Bank of St. Ignace, St. Ignace, Michigan, for unsafe or unsound practices, including those related to capital planning, capital stress testing, and strategic planning, and a violation of law, rule, or regulation related to payment of dividends. (Docket No. AA-CE-2024-1)
- Highlights ongoing OCC focus on capital planning and governance at community banks
- Dividend payment violations indicate board-level oversight failures that are relevant across all bank types
- OfficialOCC News Release NR 2024-15