Fed Gives Anchor Commercial in Florida 90 Days to Raise Capital or Sell

The Federal Reserve on Thursday announced a prompt corrective action against Anchor Commercial Bank in Juno Beach, Fla., after the bank failed to provide the Fed with an acceptable capital restoration plan.

The Fed gave the $143.5 million-asset bank 90 days from the Oct. 11 agreement to raise capital or sell to another financial institution. The bank was also barred from soliciting and accepting new deposit accounts that would have an interest rate above "the prevailing effective rates on deposits of comparable amounts and maturities in the bank's market area," the action said.

Anchor Commercial has been operating under a written agreement with the Fed and the State of Florida Office of Financial Regulation since March 2010.

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