Waterfield Bank gets FDIC cease-and-desist order
Waterfield Bank of Germantown has been placed under intense federal scrutiny to increase its capital levels and deal with problem loans. The Office of Thrift Supervision issued a "cease-and-desist" order Oct. 1, requiring the bank to establish a plan to improve its capital and reduce its level of problem assets, among other goals. The bank reported $217.3 million in assets as of June 30, according to regulatory filings. The bank has until Nov. 30 to submit a plan to maintain certain capital levels and address allowance for loan losses and liquidity needs and identify methods of raising more capital. J. Randall Waterfield, co-chairman and co-chief executive of Waterfield Financial Services, said in a statement that the bank is sound and is acting to comply with the order.