June 22, 2024

OVERLAND PARK — The Federal Reserve has ordered the owners of SolutionsBank to take immediate steps to increase its money reserves or sell the bank in 30 days.
In its “prompt corrective action directive,” the Federal Reserve said the bank has yet to comply with an order to increase its capital reserves. Earlier in the year, the bank signed an agreement with federal regulators to limit commercial real estate lending. The bank is based in Overland Park but has a bank in Ottawa. Bank officials couldn’t be reached for comment. However, company CEO Mark Parman told the Kansas City Star that the bank is working on meeting the federal order.

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