A September 2013 consent order with SunSouth Bancshares Inc., of Dothan, Ala., was terminated this April 7, the Federal Reserve Board announced Tuesday.
The consent order, which involved the Atlanta Federal Reserve Bank and the Atlanta State Banking Department, directed that the board of SunSouth Bancshares “take appropriate steps to fully utilize SunSouth’s financial and managerial resources, pursuant to section 38A of the FDI Act (12 U.S.C. § 1831o-1) and section 225.4(a) of Regulation Y of the Board of Governors of the Federal Reserve System … to serve as a source of strength” to subsidiary SunSouth Bank, also of Dothan, Ala. That included ensuring the bank complied with a consent order entered into with the state supervisor and the Federal Deposit Insurance Corp. (FDIC) earlier the same year.
The May 2013 consent order involving SunSouth Bank focused on a range of operational issues, including staffing, internal controls, credit concentrations, interest-rate risk, brokered deposits, asset quality, and more.
Consent order, SunSouth Bank (May 2013)