SARASOTA The Bank of Commerce, headquartered in Sarasota, has entered into a consent order with the FDIC and the Florida Office of Financial Regulation aimed at raising more capital for the bank.
Charles Murphy, president and chief executive officer of the bank said while the "bank currently meets the regulatory standards for being adequately capitalized," the bank's objective is to work with the two regulatory agencies to increase capital.
"The bank has a written capital plan it is submitting to the regulatory agencies for compliance purposes and the bank is actively pursuing its capital objectives with the assistance of investment banking firms."
The bank will continue to charge off assets classified as "loss" and 50 percent of those classified as "doubtfull," a statement from the bank said. The bank is also charged with updating its existing plan to improve and sustain earnings and revise its policy for managing interest rate risk.
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"We are cautiously optimistic about improvements the bank realized in the first quarter of 2011 and we are most eager to document that the bank has already completed the overwhelming majority of what is being asked of it," Murphy said.