How to gain more from operational risk management practices.
Modern risk management technology solutions improve efficiency and provide greater visibility into risks. Today’s tools provide real-time visibility, action plans, enhanced reporting and business intelligence, and proactive notifications for operational risk. Real-time data empowers banks and financial services organizations to proactively manage risks and instantly detect and mitigate emerging issues. Click here to learn more.
West Virginia bank fails
The FDIC has announced that The First State Bank, Barboursville, West Virginia, was closed on April 3, 2020, by the West Virginia Division of Financial Institutions. The FDIC was named Receiver. MVB Bank, Inc., of Fairmont, West Virginia, acquired all deposit accounts.
The First State Bank had experienced longstanding capital and asset quality issues, operating with financial difficulties since 2015. The bank's December 31, 2019 financial reports indicated capital levels were too low to allow continued operations under federal and state law.