Federal regulators have fined First Southern Bank (FSOF) in Boca Raton, Fla., for violating the National Flood Insurance Act.

First Southern failed to verify that its residential or commercial borrowers who reside in flood prone areas held adequate insurance policies, the Federal Reserve said in an enforcement action.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.