After three years of back-and-forth, federal regulators are satisfied with anti-money-laundering practices in place at three banks operated by Fulton Financial Corp.
The Office of the Comptroller of the Currency placed consent orders in 2014 on the three banks – Fulton Bank N.A., FNB Bank N.A. and Swineford National Bank – because of alleged weaknesses in their anti-money-laundering practices and related lack of compliance with the federal Bank Secrecy Act. The OCC lifted those orders Monday.
Fulton Financial is still working with regulators to remove similar orders from some of its other banks. Still, the announcement is a step forward for the Lancaster-based company, which has long hoped to see the orders lifted, in part so it can move toward consolidating its six subsidiary banks.
Fulton Financial CEO E. Philip Wenger mentioned the possibility of seeing the orders lifted during a third-quarter earnings call with investors. The company will likely look at potential acquisitions after it consolidates all of its banks, Wenger said at the time.
Fulton is the largest midstate-based banking company, with about $20 billion in assets, 3,700 employees and more than 240 bank branches across five states.