NBRS Financial Bank, an independent community bank serving Cecil and Harford counties, has been given 60 days to sell itself or combine with another bank and increase equity by selling shares, federal regulators said.
The bank was found to have been undercapitalized as of Oct. 28 but has not filed a required plan to shore up its operations, according to a directive issued Monday by the Federal Reserve System's board of governors.
NBRS, founded in 1873 and originally chartered as The Evans and Wood Bank, now has six branches and $199.3 million in deposits. It also serves parts of Pennsylvania.
It is prohibited from accepting new deposit accounts at above market rates before taking steps outlined by the Federal Reserve.
Bank officials could not be reached on Thursday.
An earlier version of this story incorrectly described prohibitions imposed on NBRS Financial Bank by the Federal Reserve.