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The Office of Thrift Supervision (OTS) signef the supervisory agreement with SouthBank onMay 21. On the same day, it signeds a separate supervisory agreement with itsholding Huntsville, Ala.-based Commonwealth Savingshares and a more serious cease and desist orde with its sister institution, SouthBank of Huntsville. The Palm Beachb Gardens-based bank only had $24.5 million in assets as of Marcgh 31. It had capita l ratios in excess ofregulatory requirements.
The OTS agreementf said the bank failed to complyu with the requirements of lawsand regulations, though it didn’g specify which ones, and failed in the areas of risk operational management and correcting It told the bank it must submitt a plan to become viable as a stand-alonre without depending on its sisterd institution or parent holdin g company. The order also placed restrictions onthe bank’d growth and the hiring of executive Danny Wiginton, the chairman and CEO of both did not immediately return a call seeking comment.
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