Regulators have ordered the $265 million-asset Second Federal Savings and Loan of Chicago to strengthen its liquidity plan, improve capital and establish a plan to remediate delinquent loans.
The cease-and-desist order, dated March 23, also requires the thrift to create monthly reports on its liquidity sources and maintain qualified senior executives.
The order calls on Second Federal to "cease and desist from all unsafe or unsound practices that precipitate high levels of classified assets, diminished capital, poor earnings, inadequate liquidity and inadequate information technology policies and procedures."
