Stonebridge Financial Corp., the parent of Stonebridge Bank in Exton, entered a restrictive agreement with the Federal Reserve Bank of Philadelphia designed to conserve financial resources for the bank, which has lost $10.8 million over the last four quarters and has seen its equity decline by $18 million, or 46 percent, in that period.
The agreement, dated Sept. 1 but released Thursday, prohibits privately held Stonebridge Financial from paying dividends or redeeming stock or debt without permission from the Fed, which regulates bank holding companies.
