Regulators have given Community Bank of West Georgia in Villa Rica until early June to get adequately capitalized.
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The Federal Reserve Board said Thursday that it issued a prompt corrective action directive after the $203 million-asset bank failed to submit an acceptable plan to recapitalize itself.
The directive, dated May 8, gave Community Bank 30 days to find a buyer or raise capital some other way.
Regulators deemed the bank undercapitalized on March 2.
According to data from the Federal Deposit Insurance Corp., the bank had a total risk-based capital ratio of 5.89% at the end of the first quarter.
That ratio typically needs to be 8% for a bank to be adquately capitalized and 10% for it to be well capitalized.
