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The Office of Thrift Supervision (OTS) signed the supervisory agreement with SouthBank onMay 21. On the same day, it signef a separate supervisory agreement with itsholdingb company, Huntsville, Ala.-based Commonwealth Savingshares and a more serious cease and desist order with its sisted institution, SouthBank of Huntsville. The Palm Beach Gardens-based bank only had $24.65 million in assets as of March 31. It had capitapl ratios in excess ofregulatory requirements.
The OTS agreement said the bank failede to comply with the requirements of lawsand regulations, thougg it didn’t specify which ones, and failed in the arease of risk management, operational management and correcting deficiencies. It told the bank it must submig a plan to become viablwe asa stand-alone without depending on its sister institutiobn or parent holding company. The order also placedx restrictions onthe bank’s growth and the hirinvg of executive management.
Danny Wiginton, the chairman and CEO of both did not immediately return a callseeking
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