LANCASTER, Pa.--(BUSINESS WIRE)--
Fulton Financial Corporation (NASDAQ: FULT) today announced that the
Commissioner of Financial Regulation for the State of Maryland and the
FDIC have terminated the Consent Orders those agencies issued on
December 23 and December 24, 2014, respectively, to the Corporation’s
bank subsidiary, The Columbia Bank.
These orders were originally issued for deficiencies in the Bank Secrecy
Act and Anti-Money Laundering (“BSA/AML”) compliance program at that
bank. Today’s announcement follows the company’s statements, released
October 30, 2017, and August 9, 2018, that various regulatory agencies
had terminated similar orders at four of the Corporation’s other banking
subsidiaries.
"We are pleased that we continue to receive independent acknowledgement
by our regulators of the progress we have made in strengthening our
BSA/AML compliance programs,” said E. Philip Wenger, Fulton Financial’s
Chairman and CEO. “We are confident that we are progressing toward
achieving a similar resolution of the BSA/AML enforcement action that
remains in place at our Lafayette Ambassador Bank subsidiary and the
holding company. Once that order is terminated, we can fully pursue our
strategic priority of consolidating our subsidiary banks into our
flagship bank, Fulton Bank, N.A.”
Fulton Financial Corporation, a $20 billionLancaster, Pa.-based
financial holding company, has approximately 3,700 team members and
operates more than 225 branches in Pennsylvania, Maryland, Delaware, New
Jersey and Virginia through four subsidiary banks.
Additional information on Fulton Financial Corporation can be found at www.fult.com.
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Media Contact: Laura Wakeley (717) 291-2616
Investor
Contact: Jason Weber (717) 327-2394
Source: Fulton Financial Corporation