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Feds to Bank of Miami: raise money

September 15, 2010 10:30AM

Federal regulators have given the Bank of Miami until the end of the
month to raise capital. In July, the Coral Gables-based bank signed a
consent order with Office of the Comptroller of the Currency requiring
the bank to improve its financial condition or face potentially serious
consequences. The order has not been made public, but several
knowledgeable sources said that the bank had, indeed, signed the order.
“The bank is working with its shareholders, private investors and the
OCC to complete a strategic and capital plan before the end of the
quarter,” said Patricia Thorp, a spokesperson for the bank. [SFBJ]