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SouthPoint Bank Under Regulatory Pressure | Birmingham News
SouthPoint Bancshares is racing against the clock with 60 days to deliver a detailed plan to stabilize its capital and meet future financial needs—after regulators flagged its shaky footing. This isn’t their first rodeo: they’re still under a December FDIC consent order over credit risk and asset quality, without admitting fault. Complicating matters, the bank’s $23 million loan portfolio to Pihakis Restaurant Group—now in bankruptcy—has raised eyebrows. SouthPoint must now get regulatory greenlight for any new debt, dividends, or buybacks, while submitting quarterly progress reports. The…
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