Fulton Financial Announces Termination of Consent Order for the Corporation and Its Subsidiary, Lafayette Ambassador Bank
23 Mai 2019 - 05:37PM
Business Wire
Fulton Financial Corporation (NASDAQ: FULT) today announced that
the Board of Governors of the Federal Reserve System has terminated
the Consent Order which that agency issued on September 4, 2014 to
Fulton Financial Corporation and its bank subsidiary, Lafayette
Ambassador Bank.
This order was originally issued for deficiencies in the
company’s Bank Secrecy Act and Anti-Money Laundering (BSA/AML)
compliance program. Today’s announcement follows the company’s
statements, released October 30, 2017, August 9, 2018, and January
15, 2019, that various regulatory agencies had terminated similar
orders at five of the Corporation’s other banking subsidiaries.
"This completes the journey we have been on to strengthen our
BSA/AML compliance programs,” said E. Philip Wenger, Fulton
Financial’s Chairman and CEO. “I want to convey my thanks to our
entire team of employees who worked diligently to build the
company’s enhanced and sustainable BSA/AML program. With the
lifting of this order, the company will be able to move forward
with plans to merge the two remaining subsidiary banks into its
flagship bank, Fulton Bank, N.A. this fall.”
Fulton Financial Corporation, a $21 billion Lancaster, Pa.-based
financial holding company, has approximately 3,600 team members and
operates more than 225 branches in Pennsylvania, Maryland,
Delaware, New Jersey and Virginia through three subsidiary
banks.
Additional information on Fulton Financial Corporation can be
found at www.fult.com.
This press release may contain forward-looking statements with
respect to Fulton Financial Corporation’s financial condition,
results of operations and business. Do not unduly rely on
forward-looking statements. Forward-looking statements can be
identified by the use of words such as "may," "should," "will,"
"could," "estimates," "predicts," "potential," "continue,"
"anticipates," "believes," "plans," "expects," "future," "intends,"
"projects," the negative of these terms and other comparable
terminology. These forward looking statements may include
projections of, or guidance on, the Corporation’s future financial
performance, expected levels of future expenses, anticipated growth
strategies, descriptions of new business initiatives and
anticipated trends in the Corporation’s business or financial
results.
Forward-looking statements are neither historical facts, nor
assurance of future performance. Instead, they are based on current
beliefs, expectations and assumptions regarding the future of the
Corporation’s business, future plans and strategies, projections,
anticipated events and trends, the economy and other future
conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of the Corporation’s control, and actual results
and financial condition may differ materially from those indicated
in the forward-looking statements. Therefore, you should not unduly
rely on any of these forward-looking statements. Any
forward-looking statement is based only on information currently
available and speaks only as of the date when made. The Corporation
undertakes no obligation, other than as required by law, to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
A discussion of certain risks and uncertainties affecting the
Corporation, and some of the factors that could cause the
Corporation's actual results to differ materially from those
described in the forward-looking statements, can be found in the
sections entitled "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in the
Corporation’s Annual Report on Form 10-K for the year ended
December 31, 2018 and Quarterly Report on Form 10-Q for the quarter
ended March 31, 2019, which have been filed with the Securities and
Exchange Commission and are available in the Investor Relations
section of the Corporation's website (www.fult.com) and on the
Securities and Exchange Commission's website (www.sec.gov).
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