The Federal Reserve Board used its prompt corrective action powers Tuesday on SolutionsBank of Overland Park, Kan., after deeming it undercapitalized.
In its order, the Fed said the bank could raise the capital by issuing shares or find a buyer. SolutionsBank has just 30 days to meet the demands of the order. In the meantime, it cannot make any kind of capital distribution, including dividend payments.
The Fed entered into a written agreement with SolutionsBank in March that required the bank to come up with a plan for addressing its commercial real estate portfolio.