Reuters/Luke MacGregor
The BoE's Prudential Regulation Authority fined Barry Tootell, the bank's former chief executive and Keith Alderson, the former managing director of the Co-op Bank's Corporate and Business Banking Division.
Tootell was slapped with a £173,802 ($249,000) fine and Alderson has to pay £88,890 ($130,000).
They were also banned from taking a senior position in another bank for the rest of their lives.
The bank almost crumbled two years ago as it revealed a £1.5 billion ($2.3 billion) black hole in its balance sheet.
Andrew Bailey, the PRA's chief executive said: "Banks that are not well governed have the potential to pose a threat to
Last year the BOE wanted to hand Co-op a huge £120 million ($187 million) fine for getting into the mess, but the bank was too weak to pay it.