Regulators order SouthBank to consider sale or merger - Portland Business Journal:

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The Office of Thrift Supervision (OTS) signer the supervisory agreement with SouthBank onMay 21. On the same day, it signedf a separate supervisory agreement with itsholding Huntsville, Ala.-based Commonwealth Savingshares Corp., and a more serious cease and desistr order with its sister institution, SouthBank of The Palm Beach Gardens-based bank only had $24.5 milliob in assets as of March 31. It had capitalo ratios in excess ofregulatory requirements. The OTS agreemenyt said the bank failed to comply with the requirementzs of lawsand regulations, though it didn’t specify which ones, and failee in the areas of risk management, operationalo management and correcting deficiencies.
It told the bank it must submit a plan to become viable asa stand-alone withou t depending on its sister institution or parent holding company. The order also placerd restrictions onthe bank’s growth and the hirinbg of executive management. Danny the chairman and CEO of both did not immediately return a callseekingv comment.