Marlin Terminates Capital Maintenance and Liquidity Agreement with FDIC
APR 1, 2020 - 6:55 am
Marlin Business Services announced the termination of its Capital Maintenance and Liquidity Agreement with the Federal Deposit Insurance Corporation and the FDIC’s rescission of certain nonstandard conditions in the FDIC’s original order granting federal deposit insurance to the company’s wholly-owned subsidiary, Marlin Business Bank.
As a result of the termination of the CMLA Agreement, the company’s consolidated capital maintenance requirements have been reduced going forward to the standard regulatory thresholds. Based on the termination of the CMLA Agreement, the company’s capital requirements have been reduced by approximately $30 million as of December 31, 2019.
Commenting on this announcement, Marlin’s President and CEO Jeff Hilzinger said, “We are very pleased with the FDIC’s decision to terminate our CMLA Agreement that has existed since the inception of Marlin Business Bank. We are a well-capitalized institution and the termination of this agreement puts us in an even stronger position to serve our partners and customers as they deal with the effects of the pandemic.”
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