The Office of Thrift Supervision has ordered the $34 million-asset Universal Savings Bank of Milwaukee to come up with a plan to sell itself and eliminate all deposits by July 31.
The agency has also ordered its single-bank holding company, Universal Banc Holdings Inc., not to "take any steps to hinder the bank's efforts in preparing and implementing a voluntary dissolution plan as required by OTS, in accordance with any time frame acceptable to OTS."
The orders resulted from ongoing monitoring of the bank and a February examination. The regulator said the bank engaged in unsafe and unsound practices but did not specify them.
Last November the OTS had also issued an order calling for the parent to prepare a plan to sell itself by April 30, 2007. All the orders required Universal to maintain core capital of at least 10%.
The OTS said no one was available to comment.
