The Office of Thrift Supervision imposed a $100,000 penalty on a Georgia thrift Monday for making unauthorized changes to its business plan.

Commerce Bank, a $27 million-asset company in Atlanta, began operating in August 1998. The thrift was supposed to issue consumer, mortgage, and small-business loans via an Atlanta office, the OTS said.

On June 14, however, the thrift announced a "radically different" business plan, according to the agency. Under the revised strategy, it would do business as, establish a presence on the Internet, and offer loans nationwide via a 24-city network of offices.

But Commerce Bank failed to obtain OTS approval, as required, and will have to submit an amended business plan. It agreed to pay the $100,000 penalty but admitted no wrongdoing. Telephone calls to Commerce Bank officials were not returned.

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