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Lyons National Bank is feeling the heat from federal regulators.
"We've got some regulatory problems but we're working through them," said James Santelli, a member of the Wayne County bank's board of directors.
"If you've studied the numbers on Lyons National Bank you'll see that it's a very well-capitalized institution," he added. "But like any small bank, it's a struggle to keep up with the changing regulations in today's (banking) environment."
A formal agreement was signed July 29 by bank directors and an official of the U.S. Comptroller of the Currency's office, a federal agency that regulates national banks.
The agreement--prompted by an examiner's report filed...