May 3, 2011 / 3:04 PM / 6 years ago

First Financial agrees not to pay dividends

WASHINGTON, May 3 (Reuters) - First Financial Service Corp FFKY.O of Elizabethtown, Kentucky, has entered into an agreement with U.S. regulators to take steps to strengthen its capital position, the Federal Reserve said on Tuesday.

First Financial, which owns First Federal Savings Bank, will not be allowed to pay any dividends under the agreement unless it receives approval from the Fed.

The bank will have to submit a plan to the Fed within 60 days detailing how it will maintain a sufficient amount of capital going forward. (Reporting by Dave Clarke, Editing by Gerald E. McCormick)

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