LandMark Bank of Florida in Sarasota is now operating under a prompt corrective action directive from the Federal Reserve.
The regulator has given the $319 million-asset bank 90 days to become adequately capitalized or to enter into an agreement to be acquired. LandMark was undercapitalized as of June 30, with a total risk-based capital ratio of 7.75%. It would need to increase that ratio by at least 25 basis points to be considered adequately capitalized.
According to the order, the Fed issued the Sept. 17 directive because LandMark failed to implement by June 30 a capital plan approved by regulators.