Orion bank under more scrutiny

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.