Bank of Granite Corp. said in a regulatory filing yesterday that it has amended its salary-continuation plan for executives to freeze additional benefits, effective Nov. 1.
The bank said that no new members will enter the plan, and that participants' vested benefits also have been frozen. The plan was put in a place primarily to provide executives with benefits in the event they were separated from the bank as part of a change in management or the bank being bought.
The decision is the latest development for the bank, which has operated for two months under an "order to cease and desist" from the Federal Deposit Insurance Corp. and the N.C. Commissioner of Banks.
Ray Grace, the state banking commission's director of bank applications, said, "The order is intended to provide a road map for bank management to address those weaknesses to the satisfaction of the FDIC and the commission."
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