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Regulator Orders Parent Firm to Pay Bank

September 27, 2000|Bloomberg News

Life Financial Corp. said it was ordered by the U.S. Office of Thrift Supervision to contribute $5.2 million to the capital of Life Bank by Dec. 31. Riverside-based Life Financial, the parent of Life Bank, said it received a cease-and-desist order from the regulator. Company officials couldn't immediately be reached to comment. Life Bank entered into a supervisory agreement with the Office of Thrift Supervision, Life Financial said. Life Bank agreed to add at least two independent members to its board, not pay dividends without the approval of the Office of Thrift Supervision and revise many of its policies, Life Financial said. Life Financial shares fell 2 cents to $3.00 today on the Nasdaq Stock Market. The shares have dropped 29% in the past year. The announcements were made after the close of regular U.S. trading.

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