BankAtlantic Bancorp will have to raise more capital, limit the growth of its brokered deposits and make other improvements under an agreement with the Office of Thrift Supervision.
The Fort Lauderdale, Fla., company said late Thursday that the OTS issued a
"These agreements formalize steps that we believe are already underway, and many have already been fully implemented," Alan Levan, BankAtlantic Bancorp's chairman and chief executive, said in a press release.
The order gives the thrift 60 days to submit an acceptable capital plan that would boost its leverage ratio to 8% and its total risk-based capital ratio to 14% by June 30. At Dec. 31, the thrift had a leverage ratio of 6.22% and a total risk-based capital ratio of 11.9%.
The $4.46 billion-asset BankAtlantic also said the OTS is restricting it from making new commercial real estate loans, requiring it to reduce its classified assets and demanding an update of its business plans.
BankAtlantic earlier this month warned it might be required to boost capital after a fourth-quarter loss of $48.1 million, its 14th consecutive negative quarter.
