A beleaguered Los Angeles bank has less than a month to raise its capital to sufficient levels and improve its lending procedures or face a possible federal takeover.

The Office of the Comptroller of the Currency Friday issued a "prompt corrective action" directive to $110 million-asset First Charter Bank, requiring it to raise its Tier I capital to at least 11% of its risk- weighted assets by Sept. 30.

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.