(Iowa) -- The Federal Deposit Insurance Corporation is issuing a cease-and-desist order to an Iowa bank.
The FDIC is accusing Luana Savings bank of engaging in risky banking practices and having too little oversight over its Chairman of the Board of Directors, President, and CEO.
The FDIC says the bank's Board of Directors failed to hold management accountable regarding the bank's management of risk. Luana is also accused of having too little capital, low liquidity, and excessive wholesale funding to pay for loan growth.
Luana is a family-owned bank with 6 locations across Iowa.