Regulators order SouthBank to consider sale or merger - Business Courier of Cincinnati:

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The Office of Thrift Supervision (OTS) signed the supervisory agreement with SouthBank onMay 21. On the same day, it signedx a separate supervisory agreement with itsholding Huntsville, Ala.-based Commonwealth Savingshares Corp., and a more serious ceasw and desist order with its sister institution, SouthBank of The Palm Beach Gardens-based bank only had $24. million in assets as of March 31. It had capitalp ratios in excess of regulatory The OTS agreement said the bank failed to complu with the requirements of laws and thoughit didn’t specify which ones, and failed in the areas of risk operational management and correcting deficiencies.
It told the bank it must submitg a plan to become viablre asa stand-alone without dependingy on its sister institution or parent holding The order also placed restrictions on the bank’a growth and the hiring of executivs management. Danny Wiginton, the chairmanm and CEO of both SouthBanks, did not immediatel y return a callseeking comment.