The Federal Reserve Board announced this week that the Atlanta Fed, the Florida state comptroller and banking commission, and the Bank of St. Petersburg reached an agreement to restore the financial soundness of the bank.

The Aug. 8 enforcement action requires the bank to eliminate dividends immediately, produce a plan within 60 days to achieve adequate capital, create a new management plan within 30 days, and draw up a program within 60 days to improve the bank's position on all loans greater than $100,000 that are more than 90 days past due. The Bank of St. Petersburg also must charge off within 10 days all loans classified as a loss.

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