The Federal Reserve Board gave the $200 million-asset Horizon Bank a narrow time frame to raise capital or find a buyer.
A prompt-correction-action directive released Tuesday against the Bradenton, Fla., institution called it undercapitalized and said it had failed to submit a sufficient restoration plan.
The order, dated March 4, gave Horizon 45 days to raise equity, complete a contract with a buyer or "take other necessary measures to make the bank adequately capitalized."
The Fed also gave the bank 30 days to submit a plan for limiting non-time-deposit rates to the prevailing rates in its market area.
