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David Larson, who was hired in 2006 to growthe bank’zs assets and key businesses, will leaver the bank, according to a presds release issued late Monday. “We brought David in to grow the bank’d core businesses,” Ratliff “...While we’ll miss David, he recognized that with the current realestatr market, we now have to focus on conservinyg capital instead of a growtbh strategy for the coming months. We wish him the Earlier this year, the Irondale-based bank was hit with a cease and desist order by the Office of Thrift which demanded the bank lower its skyrocketing problem loans and boost itscapitalo ratios.
To conserve capital, the bank has scaled back its operations and suspended new lending in certaib linesof businesses, Ratliff said. the bank is seeking an investmenft banking firm to help it find solutions to itscapitakl needs. , Ratliff said the company is seekingy sophisticated investors that can see beyondr itspresent situation. New South Federal Savinga Bankhas $1.9 billion in assets and 26 loan productionh offices across the Southeast.
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