Turnberry Bank remained in “undercapitalized” status as another loss hurt its capital.
The Aventura-based bank lost $1.32 million in the first quarter, slightly worse than its $1.29 million loss in the fourth quarter.
In April, federal regulators hit Turnberry Bank with a cease and desist order, giving it until June 30 to raise its Tier 1 core capital ratio to 8 percent and its total risk-based capital ratio to 12 percent.
As of March 31, those ratios were at 3.38 percent and 6.76 percent, respectively – a decline from the ratios at year-end. The bank would have to nearly double its $8.9 million in Tier 1 capital to meet the regulatory goal.
The bank is seeking investors to raise capital.
Read more in the South Florida Business Journal: Turnberry Bank’s capital slips