Banking officials have warned Flagler Bank of West Palm Beach it will have to shore up its capital reserves and boost its oversight of management and operations if it is to remain in business. The Federal Reserve Bank of Atlanta ordered Flagler to submit an improvement plan after it sustained loan losses and suffered other problems during the real estate market collapse. Edward Sterling, president of Flagler, said the bank is well-capitalized and intends to comply with the agreement. Florida has had 11 bank failures in 2009.
[Palm Beach Post]