Two Midwest banks were hit by the Federal Reserve with enforcement orders, forcing one of the banks to hire a chief credit officer with sufficient knowledge in lending and collection, according to an article in American Banker.

The agreement gives Freedom Bank in Tulsa, Okla. 60 days to detail plans to maintain sufficient capital, to document its loan and credit administration practices and to correct shortcomings in its loan files that examiners flagged in September. 

Separately, Freedom Bancorp. in Lindstrom, Minn., has agreed to serve as a source of strength for its $276.3 million-asset Lake Area Bank subsidiary.