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Naples-based Orion bank, the second-largest bank on the Gulf Coast in terms of assets, has agreed to a cease and desist order with the Federal Reserve Bank of Atlanta and the Florida Office of Financial Regulation.
In a statement released Sept. 21, the bank said it's addressing all the action items in the order and the agreement won't impact the institution's day-to-day operations or customer service. The order includes eight action points, including a directive not to increase its current level of brokered deposits.
As part of the order, Orion will also be required to retain an independent consultant to conduct a review of the bank's corporate governance and management structure.
Orion, long considered one of the Gulf Coast's most profitable and successful institutions, was also subject to an FDIC written agreement handed down in August 2008. That agreement included other must-dos, such as submitting a capital plan and mitigating the bank's concentration in commercial real estate lending.
Orion had $2.67 billion in assets as of the second quarter, according to Federal Deposit Insurances Corp. data.
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