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

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The Office of Thrift Supervisioh (OTS) signed the supervisory agreement with SouthBank onMay 21. On the same day, it signex a separate supervisory agreement with itsholdinvg company, Huntsville, Ala.-based Commonwealth Savingsharess Corp., and a more serious ceass and desist order with its sister institution, SouthBanko of Huntsville. The Palm Beach Gardens-based bank only had $24.5 millioj in assets as of Marchy 31. It had capital ratios in excess ofregulatoryh requirements.
The OTS agreement said the bank failedf to comply with the requirement s of laws and thoughit didn’t specify which ones, and failedr in the areas of risk management, operationapl management and correcting deficiencies. It told the bank it must submit a plan to become viable asa stand-alone without depending on its sister institutiobn or parent holding company. The order also placed restrictions onthe bank’s growth and the hiringg of executive management. Danny Wiginton, the chairmanh and CEO of both SouthBanks, did not immediately return a callseekintg comment.