COLDWATER, Mich., Sept. 27, 2010 (GLOBE NEWSWIRE) -- Monarch Community Bancorp, Inc. (Nasdaq:MCBF), the parent company of Monarch Community Bank entered into a written agreement with the Federal Reserve Bank of Chicago on Tuesday, September 21, requiring the corporation to provide quarterly information to the Federal Reserve Bank regarding the corporation's continuing progress in improving its financial situation.
"This action is in conjunction with the consent order previously entered into by Monarch Community Bank with the FDIC, and is consistent with the normal flow of regulatory activity. The Bank has made significant progress in resolving the regulatory concerns; however we have not yet achieved the capital ratios the order requires. We are pleased to provide the reporting that substantiates that progress," stated Richard J. DeVries, President & CEO of Monarch Bancorp, Inc. and Monarch Community Bank.
He added, "We value both the oversight and the insight provided by the regulatory agencies as we strive to improve our operating performance. The expertise provided by the regulators and our internal and external auditors are a valuable resource to us."
Monarch Community Bank is headquartered in Coldwater, Michigan and operates six full service retail offices in Branch, Calhoun and Hillsdale counties.
For additional information, visit Monarch Community Bancorp's website at .
CONTACT: Monarch Community Bank Richard J. DeVries, President and CEO (517)-279-3978