Fred A. DeCaro Jr., chairman and chief executive officer of the Port Chester-based USA Bank.
Banking regulators ordered USA Bank in Port Chester to stop violations of state banking regulations and address problems that have included inadequate management, staffing and training.
The state Banking Department said "unsafe and unsound banking practices" were discovered during a joint examination of the bank performed by representatives from the banking department and the Federal Deposit Insurance Corp.
USA Bank, which opened in December 2005 with a single branch in Port Chester and whose stock became publicly traded last year, is one of the newest financial institutions in Westchester County.
Yet the Banking Department said it found USA Bank was operating with poor management oversight, a poorly qualified staff and inadequate audit processes. Other problems cited by regulators included the lack of a comprehensive strategic plan and budget; inadequate training programs for the board, management and staff; insufficient information technology procedures; and inadequate policies to meet federal information security standards...
Full story: http://www.thejournalnews.com/apps/pb... -
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