The Federal Reserve Board has issued an enforcement action against the holding company of an Alabama bank.
Commonwealth Savingshares in Huntsville, Ala., entered a
Commonwealth is the parent of the $198 million-asset SOUTHBank and another bank in Florida. Both banks have been operating under
The OCC's consent orders required the banks to appoint compliance committees, adopt strategic plans and hold Tier 1 capital of at least 9% and total risk-based capital of at least 13%. The banks both have Tier 1 ratios of 9.88% and total risk-based ratios of 18.07%, according to the Federal Deposit Insurance Corp.
Commonwealth Savingshares has been operating under a cease-and-desist order with the Office of Thrift Supervision since 2010. The Alabama bank has 12 branches in Alabama, Mississippi, Arkansas and Texas. The Florida subsidiary has one branch.