Peoples Community Bancorp Inc. said Friday that its wholly owned bank has consented to a directive that requires the bank to merge, be acquired, or sell all or substantially all of its assets.

The bank is currently categorized by the Office of Thrift Supervision as a "critically undercapitalized" depository institution, according to a filing with the Securities and Exchange Commission. Such a designation requires the bank to comply with the order that seeks to make the bank be considered at least "adequately capitalized."

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