LandMark must raise capital

LandMark Bank of Florida must raise capital in the next 90 days, or else it will be forced to close by the Federal Reserve.

A document released by the Federal Reserve on Thursday said that LandMark had failed to adequately restore its capital position as of June 30, after agreeing to have done so in a written document filed Nov. 9, 2009.

Now, it has just three months left to acquire the necessary equity.

In the meantime, LandMark may not distribute any dividends, nor may it accept new deposit accounts without the written consent of the Federal Reserve. The Federal Reserve has also required that LandMark adjust its current effective interest rates to match the prevailing rates in the market area.

Based in Sarasota, LandMark Bank of Florida manages $319.7 million in assets.