Horizon ordered by Fed to either raise funds or merge

BRADENTON — Horizon Bank of Bradenton has been ordered by the Federal Reserve to either raise funds or merge with another bank within 45 days.

The prompt corrective action issued by the Fed March 4 and reported today said the undercapitalized bank has not filed a capital restoration plan that meets FDIC requirements and therefore must take immediate action to improve its financial position.

Some of those actions could include increasing the bank’s equity through the sale of shares or contributions to surplus in an amount sufficient to make the bank adequately capitalized or combine with another insured depository institution.

Under the action, one of the toughest issued by the Fed, the bank must submit an acceptable plan and timetable to the Fed within 30 days, detailing its plan of action.