Port State Joe Bank Draws The Attention of The Federal Regulators
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Updated: 8:40 PM Dec 24, 2009
Port State Joe Bank Draws The Attention of The Federal Regulators
Another area bank is in trouble with federal regulators. The Office of Thrift Supervision has issued a Cease and Desist Order to Bayside Savings Bank in Port St. Joe.
Posted: 8:40 PM Dec 24, 2009
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Another area bank is in trouble with federal regulators. The Office of Thrift Supervision has issued a Cease and Desist Order to Bayside Savings Bank in Port St. Joe.

The Cease and Desist Order basically puts the bank on notice that it is under-capitalized and must come up with a plan to come up with more deposits.

The order also limits some of the loans and activities the bank can conduct. Bayside Savings Bank operates two offices, one in Port St. Joe and the other is located in Mexico Beach.

Bank officials will have to come up with a new banking plan within 60-days to address some of the deficiencies. They will have until march 31st to actually improve the bank's financial stability.

As for customers, the Federal Deposit Insurance Corporation insures all customer deposits up to 250-thousand dollars, so the vast majority of Bayside's customers do not have to worry about their money.


Latest Comments

Posted by: Joel Location: Corbin on Jan 3, 2010 at 08:30 AM

I have watched this article since the 24th. It was also in the delivered/newsstand print copy. There have been no comments from anyone. What's that about? Here’s my comment: Bayside has been mandated to come up with more deposits in a sixty day time span. We all can help keep Bayside in the community by doing several things. 1.If you have an auto or home loan, please make sure you make you payments promptly. 2.Please add to your existing account or open a new account at Bayside. The Federal Government has rules that were formed by big city thought patterns. They do not take any of us in the heartland into consideration. Do what you can to make our coastal community viable until our local banks are safe.
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