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The Federal Reserve Board on Monday announced the issuance of a Cease and Desist Order against Broadstreet, Inc., Atlanta, Georgia, a bank holding company, and Broadstreet’s subsidiary bank, the AmTrade International Bank of Georgia, Atlanta, Georgia.
The consent Cease and Desist Order was jointly issued by the Federal Reserve Board and the state of Georgia’s Department of Banking and Finance on September 20, 2002.
The Order incorporated the bank’s voluntary liquidation plan, which was approved by the state’s Department of Banking and Finance on August 9, 2002.
The Order also completed the Federal Reserve Board’s enforcement proceeding against the bank, which was initiated by the issuance of a Notice of Charges and of Hearing and Temporary Order to Cease and Desist on July 1, 2002.
On Monday, September 30, the state of Georgia closed the bank and appointed the FDIC as receiver after the state determined that the bank was unable to meet the provisions of its voluntary liquidation plan.
A copy of the Order is attached.
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