SARASOTA — Federal regulators have cracked down on another local bank.
The Sarasota-based LandMark Bank of Florida received a prompt corrective action directive ordering the bank to sell its shares or merge with another depository institution or holding company in order to raise capital.
The Federal Reserve System issued the order to LandMark on Sept. 17, according to the document that was released on its website today.
In the order, the Federal Reserve System says LandMark Bank has been undercapitalized since Aug. 25, 2009, and failed to implement a capital restoration plan by June 30, 2010.
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The bank has 90 days to increase its equity and 30 days to submit a written capital plan to regulators in order to comply with the order.
Horizon Bank, which was shut down by state regulators Sept. 10, previously was the most recent locally based bank to receive a prompt corrective action directive. The prompt corrective action was issued to Horizon Bank on March 9. The bank was taken over by the FDIC on Sept. 10.