MutualOne Bank Consent Order

The Division of Banks and the FDIC have entered into a Consent Order with MutualOne Bank, dated January 13, 2026. The order mandates that the Bank's Board of Directors must enhance its supervision and direction of bank management, ensuring oversight is commensurate with the bank's size and risk profile. A key requirement is the completion of an independent assessment of the Board, its committees, and senior management responsible for lending and credit functions within 90 days of the order's effective date. This assessment must evaluate qualifications and operational effectiveness, referencing findings from a June 2025 Report of Examination.

MutualOne Bank must submit the assessment to the FDIC and the Commissioner of Banks within 120 days and adopt a remediation plan for any identified weaknesses within the same timeframe. Failure to comply with these requirements could result in further regulatory action. This consent order signifies a substantive change in the bank's governance and oversight obligations, requiring immediate attention from the board and senior management to ensure compliance with the stipulated timelines and assessment criteria.