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MidSouth Bancorp expects OCC enforcement action against unit


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MidSouth Bancorp expects OCC enforcement action against unit

MidSouth Bancorp Inc. expects the Office of the Comptroller of the Currency to issue an enforcement action against its unit, MidSouth Bank NA, after the regulator determined that the bank is in "troubled condition."

The OCC found that the bank has deficiencies in asset quality, credit administration, and strategic planning, among others, according to a Form 8-K filed June 12. Restrictions to the bank include seeking approval from the regulator prior to appointing or firing a member of its board or other senior executives and prohibiting the bank from entering agreements making severance or indemnification payments.

The Lafayette, La.-based company said the Federal Reserve Board may also issue enforcement actions against it. As of March 31, the company was categorized as "well-capitalized" under current regulations.