An unnamed investor will inject $5.5 million into the troubled Anchor Commercial Bank in North Palm Beach, Fla., through a subscription agreement.
The $116 million-asset company is hoping to raise an additional $2.5 million as part of a rights offering, the South Florida Business Journal reported Thursday.
The Federal Reserve Board issued a prompt corrective action against Anchor in October 2011 that ordered the bank to raise capital or sell itself within 90 days. The company missed that deadline and was listed as "significantly undercapitalized" after it increased its loss for the first quarter and reported another loss in the second quarter, the South Florida Business Journal reported in August.
At June 30, Anchor's noncurrent loans totaled almost 20% of its total loans, and its core capital (leverage) ratio was roughly 2%, according to the Federal Deposit Insurance Corp.