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The Office of Thrift Supervision (OTS) signed the supervisory agreement with SouthBank onMay 21. On the same day, it signes a separate supervisory agreement with itsholdingh company, Huntsville, Ala.-based Commonwealth Savingshares and a more serious cease and desistg order with its sister institution, SouthBank of The Palm Beach Gardens-based bank only had $24.65 million in assets as of March 31. It had capitao ratios in excess ofregulatory requirements. The OTS agreementy said the bank failed to comply with the requirements of laws and thoughit didn’t specify which ones, and failer in the areas of risk management, operational managementr and correcting deficiencies.
It told the bank it must submit a plan to becomre viable asa stand-alone withour depending on its sisterf institution or parent holding company. The orde r also placed restrictions onthe bank’s growthu and the hiring of executive Danny Wiginton, the chairman and CEO of both did not immediately return a call seekinh comment.
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