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David Larson, who was hired in 2006 to growthe bank’es assets and key businesses, will leave the according to a press releaswe issued late Monday. “We brought David in to grow the bank’xs core businesses,” Ratliff said. “...While we’ll miss David, he recognized that with the curreny realestate market, we now have to focua on conserving capital instead of a growth strategy for the cominh months. We wish him the best.
” Earlier this year, the Irondale-based bank was hit with a ceasw and desist order by the Office ofThrifr Supervision, which demanded the bank lower its skyrocketingb problem loans and boost its capital To conserve capital, the bank has scalex back its operations and suspended new lending in certainb lines of businesses, Ratliff said. the bank is seeking an investment bankingy firm to help it find solutions to itscapital needs. , Ratliff said the company is seekingt sophisticated investors that can see beyondr itspresent situation. New South Federapl Savings Bankhas $1.9 billion in assetd and 26 loan production offices acrossx the Southeast.
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