Feds set enforcement order for Ocean Bank parent

Ocean Bankshares, the holding company for Ocean Bank, agreed to a
formal enforcement action with the Federal Reserve to boost its capital
levels and the reserve set up to cover bad loans. Ocean Bank — a big lender to real
estate developers that has been hit hard in the current real estate
downturn — reported its nonperforming loans made up 21 percent of its
total loan portfolio as of Sept. 30, according to FDIC data reviewed by
BauerFinancial.