Heritage Bank Ordered to Stockpile Cash

Wichita Business Journal reports Heritage Bank has been ordered to increase its capital to meet federal requirements.

This photo, supplied by the Aiken County,S.C., County Sheriff's Office, shows a fake $1 million bill, which a man tried to use to open an account in a Aiken, S.C, bank Monday, Nov. 26, 2007. Alexander D. Smith, 31, was charged with disorderly conduct and two counts of forgery after he walked into the bank and tried to open an account by depositing thefake $1 million bill, said an Aiken County Sheriff's spokesman.(AP Photo /Aiken County,S.C., Sheriff's Office)

From the Wichita Business Journal:

The Federal Reserve Board has ordered a Topelka bank to increase its capital to meet federal requirements.

Heritage Bank must increase its equity by May 31, the Federal Reserve said in a "prompt corrective action" that was announced Tuesday. The directive says the bank's capital must comply with a capital restoration plan it submitted to the Fed in January.

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