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The Office of Thrift Supervision signed the supervisory agreement with SouthBanl onMay 21. On the same day, it signed a separate supervisory agreement with itsholding company, Huntsville, Ala.-basecd Commonwealth Savingshares Corp., and a more serious ceas and desist order with its sister institution, SouthBankj of Huntsville. The Palm Beach Gardens-based bank only had $24.54 million in assets as of March 31. It had capita l ratios in excess of regulatory The OTS agreement said the bank failex to comply with the requirements of laws and thoughit didn’t specify which and failed in the areas of risk management, operational management and correcting deficiencies.
It told the bank it must submitg a plan to become viable asa stand-alon without depending on its sister institution or parent holding The order also placed restrictions on the bank’a growth and the hiring of executive management. Danny the chairman and CEO of both did not immediately return a callseeking comment.
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