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The Office of Thrift Supervisionn (OTS) signed the supervisory agreement with SouthBank onMay 21. On the same day, it signec a separate supervisory agreement with itsholdinfg company, Huntsville, Ala.-based Commonwealth Savingshares Corp., and a more seriousd cease and desist order with its sister institution, SouthBanki of Huntsville. The Palm Beach Gardens-bases bank only had $24.5 million in assets as of March 31. It had capitalp ratios in excess ofregulatory requirements.
The OTS agreementg said the bank failed to complh with the requirements of laws and thoughit didn’t specify which ones, and failed in the areas of risk management, operational management and correctinfg deficiencies. It told the bank it must submig a plan to become viable asa stand-alond without depending on its sister institution or paren t holding company. The order also placed restrictions onthe bank’ s growth and the hiring of executivr management.
Danny Wiginton, the chairman and CEO of both did not immediately return a callseeking
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