Huntington Bancshares has entered into formal written agreements with its banking regulators, the Federal Reserve Bank of Cleveland and the Office of the Comptroller of the Currency.
These formal written agreements provide for a comprehensive action plan designed to enhance Huntington’s corporate governance, internal audit, risk management, accounting policies and procedures, and financial and regulatory reporting. They call for independent third-party reviews, as well as the submission of written plans and progress reports by management. The formal written agreements remain in effect until terminated by the banking regulators.
“Entering into these formal written agreements is consistent with our expectations announced last November and in line with steps that we have been taking to ensure that our corporate governance and controls are best in class,” said Hoaglin. “As previously indicated, we have been working extensively with our banking regulators over the past several months. While there is work yet to be done, we have devoted significant resources in order to address the issues raised. We are confident that we are on the right path to address fully and comprehensively all of their concerns in a timely manner. We also believe that the changes we have made, and are in the process of making, are positive for our organization and will position us to be a stronger company in the future.”
“No fines or monetary penalties will be assessed against the company as a result of the bank regulatory actions, and we reaffirm the earnings guidance provided on January 21, 2005,” he concluded.
Murdok | Breaking eBusiness News
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