Fieldpoint Private Bank & Trust, along with its parent company Fieldpoint Private Holdings has entered a settlement agreement with the Federal Reserve Bank of New York and the Connecticut Department of Banking.
The agreement’s measures specify timeframes for continuing to update regulators on progress and plans affecting earnings, ensuring ongoing liquidity strength and capital. Pursuant to the agreement, Greenwich-based Fieldpoint will continue to share with regulators its primary operating and controls plans including liquidity risk management, contingency funding, earnings, and capital, among others.
“We have a strong partnership with our regulators,” H. Russell Holland, president and CEO of Fieldpoint Private, said in a statement. “The written agreement outlines what our stakeholders know and expect from us, focusing on maintaining our liquidity and capital, while adhering to a strong financial discipline, further strengthening our ability to continue to solve our clients’ challenges.”
In a statement provided to The Commercial Record, Fieldpoint highlighted the volatility of the banking industry.
“Over the last eighteen months, the banking industry has faced challenges related to the volatile interest rate environment that led to high-profile bank collapses and dissolution into new ownership,” Fieldpoint said. “Through that time, Fieldpoint Private Bank & Trust is one of many banks working with its federal regulator, in our case the Federal Reserve Bank of New York, on actions ensuring the continued financial strength that our stakeholders know and expect. These practices – which are now formalized in a written agreement by and among Fieldpoint Private, Fieldpoint Private Holdings, Inc., the Federal Reserve Bank of New York, and the Connecticut Department of Banking — have been in action for some time and are focused on strengthening the financial discipline which maintains our liquidity and capital. Fieldpoint Private is well positioned for future growth and will continue to maintain our focus on what is right for the client, period.”
While entering into this agreement with regulators, Fieldpoint’s board of directors has approved an investment term sheet from one of its shareholders. Subject to regulatory approval, the proposed investment combines capital and an increase in holding company credit commitment, to strengthen the bank’s liquidity and capital positions according to Fieldpoint.
“We are focused on continuing to build on our trusted relationships with our clients while helping to strengthen and sustain wealth through our custom strategies to meet any need,” Holland said.
