The Federal Reserve has approved the capital plans of four large bank-holding companies doing business in the midstate, but it objected to two others.
PNC Financial Services Group Inc., Wells Fargo and Co., M&T Bank Corp. and Bank of America all met the minimum capital requirements to pass the Comprehensive Capital Analysis and Review, the Fed said in a news release Wednesday.
Bank of America met the minimum capital requirements after submitting adjusted capital actions.
However, the Fed objected to the capital plans of RBS Citizens Financial Group Inc., parent company of Citizens Bank of Pennsylvania, and Santander Holdings USA Inc. based on qualitative concerns. According to the review's standards, the qualitative issues could include inadequate analysis from the bank holding company, the capital-adequacy assessment is not sufficiently robust and unresolved supervisory powers.
This is the fourth year the Fed has conducted the review, which is an analysis of current and projected capital of the nation's 30 biggest bank-holding companies.
For the 2013 review, the Fed did not object to the capital plans of 25 of the 30 companies.
The Fed does not permit bank-holding companies to disclose reasons for objections to the plan, RBS Citizens said in news release and Santander wrote in an SEC filing, but both said they intend to resubmit their capital plans for reconsideration.