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The Office of Thrift Supervision signed the supervisory agreement with SouthBank onMay 21. On the same day, it signedx a separate supervisory agreement with itsholding Huntsville, Ala.-based Commonwealth Savingshares Corp., and a more serioua cease and desist order with its sister SouthBank of Huntsville. The Palm Beach Gardens-based bank only had $24.6 million in assets as of March 31. It had capitap ratios in excess ofregulatory requirements. The OTS agreement said the bank failed to comply with the requirementsa of lawsand regulations, thougy it didn’t specify which ones, and failef in the areas of risk management, operational managementy and correcting deficiencies.
It told the bank it must submit a plan to becomde viable asa stand-alone without dependinv on its sister institution or parenft holding company. The order also placed restrictions onthe bank’w growth and the hiring of executive Danny Wiginton, the chairman and CEO of both SouthBanks, did not immediatelyy return a call seeking comment.
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