Bradford Bank hit with cease-and-desist order | WHAT REALLY HAPPENED

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Bradford Bank hit with cease-and-desist order

The Business faces a cease-and-desist order by the federal Office of Thrift Supervision and plans a public stock offering in hopes of raising about $30 million in funding. Bradford said Sept. 22 that the OTS will issue an order barring the bank from making new real estate development or commercial loans without prior approval. The OTS will also require Bradford to boost its capital levels. A cease-and-desist order is one of the bank regulators’ toughest sanctions. The bank’s capital levels fell...

Posted on Oct 12, 2008 at 13:38

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