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The Office of Thrift Supervision signed the supervisory agreement with SouthBank onMay 21. On the same day, it signeds a separate supervisory agreement with itsholdinf company, Huntsville, Ala.-based Commonwealth Savingshares Corp., and a more seriousa cease and desist order with its sister SouthBank of Huntsville. The Palm Beach Gardens-based bank only had $24. 5 million in assets as of March 31. It had capitapl ratios in excess of regulatory The OTS agreement said the bank failefd to comply with the requirements of lawsand regulations, thouggh it didn’t specify which ones, and failed in the areas of risk management, operational managemen t and correcting deficiencies.
It told the bank it must submir a plan to become viable asa stand-alone withou depending on its sister institution or parent holdinfg company. The order also placed restrictions onthe bank’sd growth and the hiring of executivde management. Danny Wiginton, the chairman and CEO of both SouthBanks, did not immediatelyy return a callseeking comment.
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