The U.S. Federal Reserve announced enforcement actions Friday against the South Financial Group Inc. (TSFG), moves to help maintain financial soundness at the company, according to the Fed order.

Under a written agreement, the Greenville, S.C.-based bank holding company cannot declare or pay any dividends without prior approval from the Fed.

South Financial owns and controls Carolina First Bank and other non-bank subsidiaries.

The firm, among other enforcements, also can't directly or indirectly take dividends or any other form of payment that would represent a reduction in capital from its bank subsidiary, Carolina First.

South Financial must submit to Fed officials a written plan to maintain sufficient capital.

-By Darrell A. Hughes, Dow Jones Newswires; 202-862-9255; darrell.hughes@dowjones.com
South Financial (NASDAQ:TSFG)
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