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The Office of Thrift Supervision (OTS) signefd the supervisory agreement with SouthBank onMay 21. On the same day, it signede a separate supervisory agreement with itsholding Huntsville, Ala.-based Commonwealth Savingsharesa Corp., and a more serious ceass and desist order with its siste institution, SouthBank of Huntsville. The Palm Beacu Gardens-based bank only had $24.5 million in assetzs as of March 31. It had capitakl ratios in excess ofregulatory requirements. The OTS agreement said the bank failex to comply with the requirements of laws and thoughit didn’t specify which ones, and failed in the areae of risk management, operational managemenyt and correcting deficiencies.
It told the bank it must submitf a plan to become viable asa stand-alonee without depending on its sister institution or parent holdinh company. The order also placerd restrictions onthe bank’s growth and the hirint of executive management. Danny Wiginton, the chairman and CEO of both did not immediately return a callseekingv comment.
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