Barnes Bancorp. to hold shareholder meeting Friday

KAYSVILLE (Deseret News) — Barnes Bancorp., already under the eye of federal regulators, will hold a special shareholder meeting on Friday.

According to a statement released to the media, the meeting is to give shareholders "current information regarding the bank's financial performance in this economy and the plans for 2010 and beyond."

Vice president and chief financial officer Douglas Stanger said the meeting is closed to the public and press, and declined to disclose the location. Only shareholders will be allowed to attend.

Bank leaders have met with federal regulators as part of an ongoing examination. In May, Barnes Bank officials signed an agreement with the Federal Reserve to file within 60 days their plans for strengthening both board oversight and management and credit risk-management practices, among other provisions. The agreement also called for Barnes to address deficiencies found in a joint examination by the Federal Reserve Bank and the Utah Department of Financial Institutions in fall 2008.

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