Directors at Goleta National Bank in California are digging into their own pockets to lift it out of regulatory hot water.

With the $246 million-asset bank under orders by the Office of the Comptroller of the Currency to raise capital, the 11 board members planned to pay out an average of $1 million each to buy stock in the bank.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.