LANCASTER, Pa.–(BUSINESS WIRE)–Fulton Financial Corporation (NASDAQ: FULT) today announced that the
Board of Governors of the Federal Reserve System has terminated the
Consent Order which that agency issued on September 4, 2014 to Fulton
Financial Corporation and its bank subsidiary, Lafayette Ambassador Bank.
This order was originally issued for deficiencies in the company’s Bank
Secrecy Act and Anti-Money Laundering (BSA/AML) compliance program.
Today’s announcement follows the company’s statements, released October
30, 2017, August 9, 2018, and January 15, 2019, that various regulatory
agencies had terminated similar orders at five of the Corporation’s
other banking subsidiaries.
“This completes the journey we have been on to strengthen our BSA/AML
compliance programs,” said E. Philip Wenger, Fulton Financial’s Chairman
and CEO. “I want to convey my thanks to our entire team of employees who
worked diligently to build the company’s enhanced and sustainable
BSA/AML program. With the lifting of this order, the company will be
able to move forward with plans to merge the two remaining subsidiary
banks into its flagship bank, Fulton Bank, N.A. this fall.”
Fulton Financial Corporation, a $21 billion Lancaster, Pa.-based
financial holding company, has approximately 3,600 team members and
operates more than 225 branches in Pennsylvania, Maryland, Delaware, New
Jersey and Virginia through three subsidiary banks.
Additional information on Fulton Financial Corporation can be found at www.fult.com.
This press release may contain forward-looking statements with respect
to Fulton Financial Corporation’s financial condition, results of
operations and business. Do not unduly rely on forward-looking
statements. Forward-looking statements can be identified by the use of
words such as “may,” “should,” “will,” “could,” “estimates,” “predicts,”
“potential,” “continue,” “anticipates,” “believes,” “plans,” “expects,”
“future,” “intends,” “projects,” the negative of these terms and other
comparable terminology. These forward looking statements may include
projections of, or guidance on, the Corporation’s future financial
performance, expected levels of future expenses, anticipated growth
strategies, descriptions of new business initiatives and anticipated
trends in the Corporation’s business or financial results.
Forward-looking statements are neither historical facts, nor assurance
of future performance. Instead, they are based on current beliefs,
expectations and assumptions regarding the future of the Corporation’s
business, future plans and strategies, projections, anticipated events
and trends, the economy and other future conditions. Because
forward-looking statements relate to the future, they are subject to
inherent uncertainties, risks and changes in circumstances that are
difficult to predict and many of which are outside of the Corporation’s
control, and actual results and financial condition may differ
materially from those indicated in the forward-looking statements.
Therefore, you should not unduly rely on any of these forward-looking
statements. Any forward-looking statement is based only on information
currently available and speaks only as of the date when made. The
Corporation undertakes no obligation, other than as required by law, to
update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
A discussion of certain risks and uncertainties affecting the
Corporation, and some of the factors that could cause the Corporation’s
actual results to differ materially from those described in the
forward-looking statements, can be found in the sections entitled “Risk
Factors” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” in the Corporation’s Annual Report
on Form 10-K for the year ended December 31, 2018 and Quarterly Report
on Form 10-Q for the quarter ended March 31, 2019, which have been filed
with the Securities and Exchange Commission and are available in the
Investor Relations section of the Corporation’s website (www.fult.com)
and on the Securities and Exchange Commission’s website (www.sec.gov).
Contacts
Media Contact: Laura Wakeley (717) 291-2616
Investor
Contact: Jason Weber (717) 327-2394
