| For immediate release |
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The Federal Reserve Board today announced the issuance of its first enforcement action to address the Year 2000 compliance issue. A Cease and Desist Order was issued by the Board against Putnam-Greene Financial Corporation, Eatonton, Georgia, a bank holding company. This action was coordinated with the Federal Deposit Insurance Corporation and the Georgia Commissioner of Banking and Finance, who jointly issued Cease and Desist Orders against Putnam-Greene�s three subsidiary banks. The Federal Reserve�s Order is primarily designed to ensure that Putnam-Greene establishes and implements an adequate electronic information system and that all of the computer-related operations that the company performs for itself and its three subsidiary banks will continue to function effectively after the century date change on January 1, 2000. A copy of the order is attached. |
| Order (389 KB PDF) |