The Federal Reserve Board of Governors fined Ipswich, Mass.-based First Ipswich Bank and Brookline, Mass.-based Brookline Bank for violations of the National Flood Insurance Act.
The regulator ordered First Ipswich Bank to pay a $20,000 fine and ordered Brookline Bank to pay $36,000. The Fed will then remit the amounts in order to be deposited in the National Flood Mitigation Fund.
Both banks are subsidiaries of Brookline Bancorp Inc.
