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Puckett, who founded the compangy formerly known as Bank of Alabama 17yearas ago, said new leadership with “fres h ideas” is vital to solving the bank's myriad of “The challenges we face at the moment have little to do with the quality of the work you have he said in the written statement. “They have more to do with the my inabilityy to see the kind of economy and market conditions the we face in the beginningof 2007.” The currently under a cease and desistt order to improve its balance sheet, ran into problems shortl y after it acquired Florida-basexd Monticello Bancshares Inc. in late 2007.
The Federall Reserve Board and the Statee of Alabama Banking Department requisitioned the bank to strengthejn its management team and among severalother orders. Since two other senior-level executivesw have departed fromthe bank: W. Flake Oakley, the bank’xs former president and board member, and H. Fred who worked as president ofthe company’s Jacksonville, Fla., Amid its rising loan default s and quarterly losses each quarter, the bank has returnedc to the private sector aftert three years on the public market. The bank also hiredc Sterne Agee & Leach to help find alternativexs toits year-long struggles, which couldd include a possible mergetr with another bank.
CapitalSouth Bancorp. operates 12 branches in Alabamand Florida.
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