Fed in agreement with Commonwealth Bankshares

WASHINGTON, July 9 (BestGrowthStock) – The U.S. Federal Reserve on
Friday announced a written agreement with Commonwealth
Bankshares Inc (CWBS.O: ) and its bank to strengthen its
operations and reduce risks.

The accord with Commonwealth Bankshares and Bank of the
Commonwealth, both in Norfolk, Virginia covered management,
risk concentrations, asset quality, and other areas of bank
operations.

Within 60 days, the bank agreed to submit a plan to
strengthen its board of director’s oversight of management and
bank operations.

The bank will also provide plans to beef up credit risk
management and reduce risks from commercial real estate
concentrations, the deal stipulates.
(Reporting by Mark Felsenthal; Editing by Andrea Ricci)

Fed in agreement with Commonwealth Bankshares